After record-breaking year, Hamilton’s ‘over-valued’ homes get reality check

Hamilton | Latest News | News | Real Estate |

By

Published January 16, 2023 at 12:28 pm

hamilton real estate homes for sale average price zoocasa rahb
Over-valued homes, rising interest rates, and a lack of inventory led to a 31 per cent decline in Hamilton home sales in 2022.

It was a record-breaking year for Hamilton’s real estate market in 2021, but over-valued homes, rising interest rates, and a lack of inventory led to a 31 per cent decline in sales in 2022.

Meanwhile, benchmark house prices decreased by 25 per cent last year compared to their peak. According to the Realtors Association of Hamilton-Burlington (RAHB), the average home in Hamilton last month sold for $750,601.

The Hamilton real estate market was featured by Zoocasa this month. Abbey Cole says inventory has risen recently while sales have decreased across the region.

“Despite the market emerging from the strong seller’s market due to changes in sales and inventory levels, Waterdown still has fewer than two months’ worth of supply,” she wrote. “Hamilton East and Hamilton Mountain are the second most constrained markets with fewer than three months of supply.”

Despite the market balancing, prices in Hamilton are still up 14 per cent compared to 2021.

hamilton real estate homes for sale average price zoocasa rahb

AVILA REALTY GROUP INC., BROKERAGE

Hamilton West and Flamborough experienced the largest yearly average price increase. Glanbrook, on the other hand, had the lowest price growth at a little under eight per cent.

According to Zoocasa, semi-detached homes are a hot commodity in Hamilton. These homes sold the fastest in December — spending just 26.8 days on the market. The average cost for a semi-detached home in Hamilton is $699,300. Comparatively, detached homes spend an average of 34 days on the market, selling for $817,515.

Townhomes are the second-easiest sellers, lasting an average of 31.5 days on the market and selling for an average of $663,623.

Meanwhile, there is no shortage of condo apartment-style homes available. Buyers are taking their time, with listings spending an average of 41.5 days on the market. In December, Zoocasa listed 152 condo apartments and only 28 sales. Typically, these units sell for an average of $471,463.

insauga's Editorial Standards and Policies advertising