Home prices up in both Hamilton and Burlington as spring market kicks off
Published April 3, 2024 at 11:10 am
If you’re planning to purchase a home in Hamilton or Burlington this year, you should note that prices are still elevated.
That said, buyers have more inventory to choose from.
According to data from the Realtors’ Association of Hamilton-Burlington (RAHB), sales and prices are both up month-over-month. Last month, the unadjusted benchmark price in the region hit $850,500, up from $835,900 in February. The report says that 996 homes changed hands last month, up from 839 properties in February.
That said, sales are about six per cent lower than last year’s levels, while prices are up about two per cent from March 2023.
The report says that while the decline in sales in March didn’t offset gains made during the first two months of 2024, first-quarter sales are below long-term trends. Despite high prices, the market is still better for buyers, as the number of homes on the market is up 28 per cent year-over-year.
However, the report notes that inventory levels were “exceptionally low” in March 2023.
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“Recent gains in inventory are helping our market return to more balanced conditions, something that we have not seen since 2014. It is still early in the year, and many purchasers may be waiting for changes in lending rates, but for the first time in years, we are not entering the spring market with limited supply,” Julie Sergi, president-elect of RAHB, said in a statement.
According to the report, the average price of a home in Hamilton was $826,462, up almost four per cent year-over-year. In Burlington, the average home price was $1,144,260, up over nine percent year over year.
In Hamilton, 596 homes changed hands last month–down seven per cent from March 2023. There were 1,053 new listings available for buyers, leaving the city with a housing inventory of 1,386 units (or 2.3 months of supply).
The benchmark price of a detached house in Hamilton was $846,900 last month. The price of a semi-detached hit $754,500, a row house cost about $659,700 and a condo cost $461,000. All benchmark prices are up just one or two per cent year-over-year, while condo prices are down two per cent.
In Burlington, 231 sales were reported last month–down almost five per cent from last year. That said, 334 new listings hit the market, putting the city’s inventory at 385 (much tighter than in neighbouring Hamilton). There is currently a little less than two months’ supply of homes on the market in the city.
The benchmark price of a detached house in the city is about $1.3 million, while semi-detached houses are $997,300. Row houses boast a benchmark price of $813,100 and condos cost $599,200.
The report prices across the region remain below the 2022 peak but are still much higher than levels reported prior to the pandemic.
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