Guelph & Tri-City Housing Market Stats – June 2024
Despite a Bank of Canada rate drop, Guelph home prices decreased slightly during the month of June. With that said, the market continues to remain in a reasonably stable state. Let’s take a look at the key month-over-month Guelph & Tri-City housing market stats relative to May of this year:
Guelph Stats:
- Median Sale Price was $747,500 – ↓ 4.5%
- Average Sale Price per Sq.ft. was $529 – ↑ 6.2%
- Total Number of Listings was 333 – ↓ 13.3%
- Total Number of Sales was 190 – No change
Tri-City Stats:
- Kitchener: Median Sale Price was $735,000 – ↓ 0.7%
- Waterloo: Median Sale Price was $765,000 – ↓ 4.4%
- Cambridge: Median Sale Price was $745,555 – ↑ 0.6%
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Guelph’s real estate market experienced some shifts that are important to understand. Home sale prices dipped by 4.5% compared to May, reflecting a cooling trend in the market. This decline extends to an 8.8% drop from June, 2023. Year-over-year price drops were also seen in all of our Tri-City markets.
In terms of new listings, June saw a total of 333 homes entering the market in Guelph, which represents a 13.3% decrease from May of this year. This suggests that fewer sellers were putting their homes up for sale last month. However, when we compare this to last year, there’s an 8.1% increase in new listings, indicating more seller activity than this time in 2023. Increased year-over-year listing activity was also seen in Kitchener, Waterloo, and Cambridge.
In summary, June’s real estate market in Guelph reveals a mixed picture. While home sale prices and new listings have seen some short-term decreases, the long-term trends indicate substantial growth and stability. The steady number of homes sold suggests a balanced market where buyer interest remains consistent.
If you are considering buying, selling, or making a move this year, please feel free to reach out to me. Your planning should be starting now, even if you are thinking about moving toward the end of the year. Thanks for joining me, and have a great day!