Average home sold for $1.07 million in Hamilton-Burlington in May: report
Published June 3, 2022 at 4:56 pm
The average home in the Hamilton-Burlington area sold for $1.07 million in May 2022.
According to a report from the Realtors Association of Hamilton-Burlington (RAHB), homes sold for an average of $901,000 in Hamilton and $1.23 million in Burlington last month.
Inventory saw an increase, giving potential buyers more options.
“Overall, sales activity was below typical May levels likely due to buyers sitting on the sidelines as mortgage interest rates continue to rise,” says RAHB President Lou Piriano. “In May, the residential average sale price also dipped marginally from the previous month to $995,408, just below the million dollar mark, for the first time this year after holding steady since January 2022. However, as increased inventory comes to the market, buyers have more selection, which may also lend to further negotiation power.”
The RAHB market covers Hamilton, Burlington, Haldimand County, and northern Niagara.
Detached homes in Hamilton sold for an average of more than $989,000 and $1.575 million in Burlington in May, according to RAHB.
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“In May, detached properties had the largest increase in new listings month-over-month than any other property category across the RAHB market area,” said Piriano. “Overall, the average sale price for detached properties was $1,110,298. Haldimand County and Niagara North both experienced average sale price increases greater than ten per cent over April’s figures, while Hamilton and Burlington posted marginal decreases month over month at 6.7 per cent and 3.5 per cent respectively.”
Townhomes were the only property category across the RAHB market area that had an increase in the number of sales month over month. In May, the average sale price of townhomes came in at $794,676 in Hamilton and $954,234 in Burlington.
Meanwhile, apartment-style properties had the highest inventory levels in May in contrast to all other property types across the RAHB market area, with nearly two months of inventory available,
“Apartment-style properties continue to have the most affordable price point which is typically between $500,000 and $700,000, added Piriano”
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