Burlington Housing Market Update – November 2024: Sales, Prices, & Key Trends

by Roshan Basnet

Burlington Real Estate Market Report – November 2024

Key Takeaways

Sales Surge: Burlington recorded 191 total sales, a 31% increase compared to November 2023.
New Listings Growth: November saw 352 new listings, up 19% from October 2024's 296.
Price Appreciation: The average sale price in Burlington hit $1.13 million, a 10.4% rise from last year’s $1,022,569.
Detached Home Market: Sales rose 36% year-over-year, with the average price at $1,446,128, marking a notable jump.
Condos Shine: The condo market continues to strengthen, with prices averaging $753,000, up 22.6% year-over-year.
Market Slows Slightly: Homes now take an average of 39 days to sell, compared to 28 days last year, reflecting a slower pace.
Inventory Expands: Month-end inventory reached 655 active listings, a 44% increase compared to 2023.

What Happened in Burlington’s Real Estate Market in November 2024?

November’s market activity tells a story of resilience and opportunity. With total sales climbing and new listings outpacing last year’s numbers, Burlington’s real estate market is showing a strong finish to the year. The average price for all property types saw significant increases, underscoring the persistent demand for housing in this sought-after region.

Detached homes remained a popular choice, despite longer days on the market, while townhomes and condos continued to offer more affordable alternatives for buyers seeking entry into Burlington’s market. These shifts reflect changing preferences and economic conditions, providing valuable insights for both buyers and sellers.

Burlington Real Estate Market

Burlington Detached Homes: A Deep Dive

Detached homes are leading Burlington's market, with 94 sales in November, a 36% increase from last year. However, month-over-month sales dipped, as October saw 125 sales, suggesting some seasonal cooling. The average price for detached homes surged to $1,446,128, a significant leap from both last year and October 2023.

For buyers, this segment remains competitive, but rising prices and longer selling times (38 days compared to 32 last year) signal opportunities for negotiation. Sellers, on the other hand, should be prepared for longer market times and ensure their pricing aligns with current trends to attract motivated buyers.

Burlington Detached Homes

Burlington Freehold Townhomes: Consistent Demand

Freehold townhomes saw 14 sales in November, a notable improvement from 9 sales last year. The average price of $948,371 represents a healthy year-over-year increase, reflecting demand for this mid-range housing option. With 32 active listings, inventory is tight, but higher interest rates may encourage price-conscious buyers to act.

For sellers, townhomes remain a sweet spot, appealing to both move-up buyers and downsizers. For buyers, acting quickly on well-priced listings is key, as demand in this segment remains steady.

Burlington Condo Market: A Rising Star

The condo market is one of Burlington’s fastest-growing segments. With an average price of $753,000, up from $614,389 last year, this category offers a more affordable option for first-time buyers and investors. Sales rose to 41 units, compared to 27 last year, and active inventory jumped to 219 listings, giving buyers more options to choose from.

For sellers, this is an excellent time to list, as condos are seeing increased attention. Buyers should take advantage of the growing inventory to find the right fit, but act quickly as prices are on an upward trajectory.

Burlington Real Estate Market Comparision

What Should Buyers and Sellers Read from These Trends?

For Buyers:

Detached Homes: Be prepared for higher price points and longer negotiations. If you're in the market for a detached home, the expanding inventory could provide leverage in securing a better deal.
Townhomes and Condos: These remain strong options for affordability and value. Condos, in particular, offer a solid entry point into the market, especially with rising inventory.

For Sellers:

Price Strategically: While prices are rising, homes are taking longer to sell. Accurate pricing is critical to attract buyers in a more discerning market.
Highlight Your Home’s Strengths: With more competition in the market, staging and marketing your property effectively can make all the difference.

Toronto Real Estate Market

A Balanced Market Moving Forward

Burlington’s real estate market in November 2024 reflects a dynamic interplay of rising prices, increasing inventory, and shifting buyer preferences. Whether you’re a buyer navigating your next move or a seller looking to maximize your property’s value, understanding these trends is essential to making informed decisions.

As an experienced Real Estate Broker serving Oakville and Burlington, I’m here to help you navigate this market. Let’s work together to make your real estate journey successful!