Oakville Real Estate Market Update – November 2024: Key Insights and Trends for Buyers and Sellers

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

The Oakville market continues its dynamic trajectory with substantial sales growth, particularly in the detached and townhome segments. The 1% dip in average prices reflects a market stabilizing after rapid price escalations in prior years. Buyers have more choices as new listings and inventory surge, while sellers must navigate longer days on the market and a more price-conscious buyer pool.

Oakville Detached Homes: Luxury Market on the Rise

Detached homes dominate Oakville’s market, with 116 sales, up 52% year-over-year, but slightly lower than 124 sales in October 2024. The average price of $2,111,751 reflects an 11.5% increase month-over-month, showing strong demand in the luxury segment.

Despite higher prices, detached homes are selling in an average of 30 days, slightly longer than 28 days last year, indicating a balanced market. For buyers, this means opportunities to negotiate in a market where inventory reached 504 active listings, a significant increase from 334 last year. For sellers, it’s a great time to showcase the value of their homes as the luxury market stays robust.

Oakville Freehold Townhomes: A High-Demand Segment

Townhomes in Oakville continue to see strong demand, with 40 sales in November, more than double the 18 sales last year. However, the average price of $1,130,963 is down compared to last year’s $1,261,517, reflecting buyer caution around higher borrowing costs.

With 147 active listings, this segment remains competitive, offering buyers more choices while motivating sellers to price strategically to attract attention.

Oakville Condo Market: A Shift in Opportunity

Condo prices in Oakville took a significant hit, with the average price at $749,103, down from $1,335,092 last year, highlighting a correction in this segment. Sales climbed to 35 units, up from 25 last year, and inventory grew to 289 active listings from 171 last year.

For buyers, condos present a significant opportunity for affordability in Oakville’s premium market. Sellers, meanwhile, should expect competitive conditions and ensure their properties are priced right and presented well.

What Should Buyers and Sellers Read from Oakville Market Trends?

For Buyers:

• Detached Homes: If you’re in the market for luxury properties, now is a good time to explore your options with more inventory and relatively longer market times.
• Townhomes and Condos: Both segments offer excellent opportunities, with condos showing the most dramatic price adjustments.

For Sellers:

• Be Competitive: With growing inventory and a slight softening in average prices, pricing your home effectively is critical.
• Highlight Value: Staging and emphasizing your home’s unique selling points will help attract buyers in a market with more options.

Oakville A Market Poised for Opportunity

Oakville’s November 2024 market reflects both growth and stabilization, offering opportunities for both buyers and sellers. Whether you’re seeking a luxury home or considering a move-up in the market, understanding these trends is key to achieving your goals.

As a seasoned Real Estate Broker serving Oakville and Burlington, I can help you navigate these changes and make the most of the current market conditions. Let’s connect to discuss your next move!