Home prices drop 8.4% to $642,600 in Niagara Region
Published December 8, 2022 at 2:24 pm
As home prices continue to drop in Niagara Region, experts say the market is stabilizing.
Niagara Region, like most places in Ontario, saw real estate prices jump in 2021 but now it appears things are starting to settle.
The benchmark home price for the Niagara Region was $642,600 in November 2022. This was a decrease of 8.4 per cent compared to November 2021, according to the latest report from the Niagara Association of Realtors.
The MLS Home Price Index benchmark tracks price trends more accurately than average or median price measures. The benchmark is a home between the age of 51 to 99 with three bedrooms and two bathrooms.
“The stats for the Niagara Region continue to trend towards a stable market,” said Jim Brown, president of the Niagara Association of Realtors. “The average price decreased slightly and more inventory is available, month over month.”
Home prices dropped across the region with some communities seeing larger decreases. Fonthill and Pelham, for example, went from $921,900 in November 2021 to $816,900 last month.
Whereas the region’s most expensive market, Niagara-on-the-Lake saw a small drop from $1,146,400 to $1,077,900.
Port Colborne, Wainfleet, Fort Erie and Welland remain the least expensive place to find a home.
The number of homes sold has sharply declined from 335 units in November 2022, compared to 669 units in November 2021.
But the number listed has increased slightly from 880 residential properties in November 2022 compared to 751 in November 2021.
It is taking longer to sell homes.
The average number of days it took to sell a home in November 2022 was 43, compared to 18 in November 2021.insauga's Editorial Standards and Policies advertising