2024 Year in Review Market Update

comprehensive review of our local real estate market

 

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In 2024, Guelph’s real estate market told a story of resilience amidst change. Home sale prices experienced a modest decline of 0.9% compared to 2023, reflecting a market that continues to adapt to economic conditions and buyer preferences. The average sale price per square foot also dropped by 2.7%, signaling slight easing in price pressures across the city. Yet, the market remained dynamic, with a 17.4% surge in listings and a 5.3% increase in sales, marking a renewed sense of activity.

For sellers, 2024 was a year of careful strategy. The increase in inventory gave buyers more options, meaning sellers needed to focus on presenting value through competitive pricing and standout property features. Neighbourhoods with declining prices or flat growth still found opportunities by targeting specific buyer groups, such as first-time homeowners or downsizers looking for affordability.

For buyers, 2024 offered some welcome breathing room. With more listings on the market and slight price declines, buyers were able to take a more calculated approach to their home purchases. Interest rate stability further contributed to buyer confidence, encouraging more activity and setting the stage for a vibrant market in 2025.

Looking ahead, 2025 is expected to build on the momentum of 2024. As interest rates are predicted to decline gradually, buyers who have been on the sidelines may enter the market, increasing competition. Sellers will likely see stronger demand in the second half of the year, particularly in neighbourhoods where prices have softened. These conditions suggest a strong foundation for growth in 2025, where buyers and sellers will need to act strategically to capitalize on the evolving market landscape.

 
 
 

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