New year same results. 2024 was a very similar year to 2023 in the Orangeville real estate market there was a low number of transactions and home prices remained relatively flat between the two years.
2024 Orangeville Real Estate Market Stats Summary
The 419 sales in 2024 were the second lowest total for a year in the last 25 years but represented a 2.7% increase over the 408 sales in 2023. Higher interest rates, along with an overall lack of seller motivation continued to combine to produce the low sales numbers.
The number of new listings returned to a more normal level in 2024, close to the 10-year average, but many of these homes did not sell and produced a larger inventory of homes available on the market as well as a high number of terminated or expired listings.
Overall home prices in Orangeville have not changed a whole lot since the middle of 2022. The average sales price in 2024 was $807,503, 1.95% lower than the average sales price in 2023.
At the end of the year, there were 87 homes available for sale in Orangeville, this number has come down over the last few months but remains 61.1% higher than the available inventory to close out 2023.
What Does This Mean?
My overall thoughts about the Orangeville real estate market in 2024 were that home sellers are still struggling with the reality of home prices in the current market and are not in a position where the need to sell their home outweighs the need to get what they think is fair value for their property. From the Buyer's perspective, many would-be home buyers are in a position where they want to sell their property before they get serious about buying. Buyers that are new to the market are still struggling with the value of home ownership, with prices at current levels and interest rates remaining higher for most of the year affordability is a concern, and unless a “deal” can be had they will continue to search for the right home.
Despite the Bank of Canada lowering interest rates in the second half of 2024 there still remains a disconnect between buyers and sellers of real estate in the Orangeville area when it comes to the value of a property.
2025 is shaping up to be an interesting year for the Orangeville real estate market.
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