Burlington Real Estate Market Report – October 2024

The Burlington real estate market saw significant activity in October 2024, with notable year-over-year gains in sales, although average prices have softened compared to last year. This report highlights key market trends, property type performances, and valuable insights for both buyers and sellers in Burlington.

Key Takeaways:

• Total Sales: 226 sales in October 2024, up by 65% from the previous year.
• Average Sale Price: $1,088,016, marking a 5% decline from October 2023 ($1,140,816).
• Detached Homes: 125 sales in October, a 70% increase from October 2023.
• Average Price: $1.33 Million (down 8.5% from last year).
• Days on Market: 27 days (up from 24 days last year).
• Semi-Detached Homes: Average sale price of $971,800 (slightly up from last year).
• Freehold Townhomes: Average sale price of $920,355 (down 13.6% from last year).
• Condos: Average price of $662,855 (up 5.9% from last year).
• Sales: 43 condo units sold in October, an increase from 29 units last year.
• Inventory: 709 active listings by month-end, up from 563 in October 2023.

October 2024 Market Overview:

October 2024 in Burlington witnessed a robust increase in sales activity, as the total number of transactions rose by 65% compared to the same month in 2023. A total of 226 homes sold in October, signaling continued buyer demand despite some softening in prices. At the same time, new listings were up slightly to 475 from 419 in October 2023, reflecting a healthy influx of properties to meet the growing demand.

However, while more homes sold, the average sale price for Burlington properties in October 2024 was $1,088,016, a 5% decline from the same period in 2023, when the average price was $1,140,816. This price drop could be attributed to a shift in buyer preferences, with more mid-range properties coming onto the market and changes in the mix of property types that are selling.

Property Type Performance in October 2024:

Detached Homes

The detached home market in Burlington saw a strong surge in sales, with 125 detached homes selling in October, representing a 70% increase from the previous year. This is a significant jump from 71 sales in September 2024. However, despite the increase in transactions, the average price of detached homes in October was $1.33 Million, a drop of 8.5% from last year’s $1,455,498.

Detached homes took an average of 27 days to sell in October, slightly longer than the 24 days it took in October 2023. With 236 new detached home listings in October, inventory levels are on the rise, closing the month with 340 active detached homes, up from 314 last year.

Semi-Detached Homes

Semi-detached homes in Burlington experienced a mild increase in price, with an average sale price of $971,800, compared to $963,500 in October 2023. This slight increase indicates that demand for semi-detached homes is holding steady in Burlington, though this market segment remains smaller relative to detached homes.

Freehold Townhomes

The freehold townhome market saw 11 sales in October, a notable increase from the 6 sales recorded in October 2023. However, the average sale price of freehold townhomes saw a significant 13.6% decrease, dropping to $920,355 from $1,065,250 last year. This price drop could reflect a shift towards more affordable homes or a change in the types of townhomes sold. There were 35 active freehold townhomes available for sale by the end of October, indicating limited inventory in this segment.

Condos

Condos in Burlington saw a stronger performance, with an average sale price of $662,855, up by 5.9% from $625,759 in October 2023. The condo market also experienced an uptick in activity, with 43 sales in October compared to 29 sales last year. 133 new condo listings were introduced in October, reflecting the growing interest in condominium properties, especially as they remain more affordable relative to detached homes. Active condo listings at the end of October reached 233, up from 145 in 2023.

Market Conditions for Buyers and Sellers:

For Buyers:

October 2024 presents a unique opportunity for buyers, especially in the detached and townhouse segments, where prices have softened compared to last year. The increase in inventory levels (709 active listings by month-end) means more choice for buyers, although competition can still be fierce, particularly for well-priced homes in desirable neighborhoods.

Detached homes remain a major draw, with increased sales volume, but prices have dropped slightly, making it a potentially more affordable time to buy in this category. However, keep in mind that days on market for detached homes have increased, indicating that some listings may need to be priced more competitively to move quickly.

Buyers in the condo market are also seeing favorable conditions, with more inventory coming onstream. Condo prices have seen an uptick, but the relative affordability of condos compared to detached homes makes them a strong option for first-time buyers or those downsizing.

For Sellers:

Sellers in Burlington may face a more competitive market due to the increase in active listings and the slight decline in prices compared to last year. Homes that are priced too high may take longer to sell, as evidenced by the increase in days on market for detached homes. Sellers should aim for competitive pricing strategies and market their homes well to stand out in a crowded market.

Detached homes and condos have been the most active segments, and sellers in these categories should continue to see solid demand. However, for those selling freehold townhomes, they may need to adjust their pricing expectations due to the larger year-over-year price declines in this segment.

Conclusion:

The Burlington real estate market in October 2024 shows a market in transition. Strong sales numbers indicate ongoing demand, but price adjustments across property types suggest a market that’s shifting, with buyers becoming more selective and inventory levels on the rise. Sellers will need to be strategic with their pricing and marketing efforts, while buyers have opportunities to take advantage of slightly lower prices in some segments, especially detached homes and townhouses.

Looking Ahead: As we move into the colder months, the market could see further price stabilization, particularly if interest rates remain steady. For now, Burlington’s real estate market remains active, with opportunities for both buyers and sellers to make informed decisions based on evolving trends.

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