Hamilton detached home prices increase slightly to $878K, townhouses go down
Published September 2, 2022 at 3:02 pm
The real estate market in Hamilton continues to cool as prices edged up only slightly in August compared to the same time last year.
There were 1,641 new listings in August 2022, which was down eight per cent from July 2022, and compared to August 2021, there was an increase in listings of 20 per cent, the Realtors Association of Hamilton-Burlington (RAHB) reports.
The number of sales were up by 11.7 per cent from July 2022 and down by 24.2 per cent compared to August 2021.
“RAHB witnessed a rare occurrence for August 2022 as the number of sales increased and the number of new listings to market dropped from July 2022. As this is not a typical pattern for August, this may suggest that sales activity may have bottomed out in July,” says RAHB president Lou Piriano.
The average sale price for residential properties across the RAHB market area was $858,405, down 2.3 per cent from July 2022, and up two per cent compared to August 2021.
In Hamilton, the average sale price for all property types was $792,767 in August 2022 up from $779,481 in August 2021.
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The average price of a detached home was up slightly to $876,899 from $861,027 in August 2021.
Semis, townhouses or row houses were actually down from $693,607 in 2021 to $678,630 in 2022. The same is true for apartment-style properties — from $468,501 in 2021 down to $465,064 in August 2022.
But a low number of new townhouse listings could increase prices in the fall.
“With low inventory levels, townhomes will likely remain competitive in September,” said Piriano.
Overall, Hamilton remains one of the least expensive places to buy property in the RAHB area.
Charts via RAHB
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