As 2024 draws to a close, Halifax’s real estate market continues to deliver insights that shape our expectations for the year ahead. December, typically a quieter month in real estate, still managed to surprise us with steady activity, resilient home sales, and significant price growth. Let’s dive into the December stats and explore what they mean for buyers, sellers, and investors planning their 2025 moves.
Active Listings: Seasonal Decline Keeps Inventory Tight 📉
December 2024 saw a slight increase in active listings compared to last year, with 769 homes available versus 752 in December 2023—just a 1% difference. This seasonal dip is typical for this time of year, as fewer homes come on the market during the holidays. However, it underscores the ongoing inventory challenges driving Halifax’s competitive market.
Home Sales: Winter Surge Boosts Activity 🏡
Santa delivered more than gifts this year—December home sales climbed by 15%, with 263 homes sold compared to 228 in December 2023. Year-to-date, Halifax saw an impressive 8.7% increase in sales, with 4,960 homes sold in 2024 compared to 4,528 in 2023. These figures reflect the resilience of buyer demand, bolstered by a recent drop in interest rates.
Days on Market: Buyers Taking Their Time ⏳
The average days on market ticked up slightly to 41 days in December 2024, compared to 39 days last year. While this represents a minor increase, it signals a shift towards a more balanced market, with buyers taking a little longer to finalize decisions.
Price Appreciation: Equity Growth Marches On 💰
Halifax homeowners saw significant equity gains this December, with the average sale price hitting $581,500—up from $534,900 in December 2023. This $46,600 increase equates to 8.6% year-over-year growth, demonstrating the strength and stability of Halifax’s real estate market heading into 2025.
List-to-Sale Price Ratio: A Stable Market Indicator 📊
The list-to-sale price ratio for December 2024 was 99.5%, slightly lower than last year’s 103%. This reflects a market where homes are selling close to their asking price, highlighting a healthier dynamic compared to the frenzied bidding wars of previous years.
Price Points Driving the Market 🔑
For the first time, the $400,000–$500,000 and $500,000–$600,000 price brackets tied for the most active sales in December. This shift underscores rising home values and growing demand in higher price ranges. Buyers may need to adjust their expectations or expand their search areas to find their ideal homes.
Insights for Buyers and Sellers
For Buyers: Winter offers motivated sellers and more realistic list prices, making it a great time to secure your dream home.
For Sellers: With fewer listings on the market, winter buyers tend to be serious and ready to purchase, giving you a strong opportunity to achieve your goals.
Thank you for joining us for this December market recap! As we move into 2025, our team is here to help you navigate Halifax’s evolving real estate market with confidence. Whether you’re buying, selling, or investing, we’re ready to guide you every step of the way
📱 902-471-8497
✉️ brendak@brendak.ca
🔗 www.brendak.ca
🏡➡️ CLICK HERE FOR A FREE HOME EVALUATION 🏡💰️
🔔 Check out our YouTube channel and watch the full video here — > The Latest Halifax Real Estate Stats
🧩 Want to connect with us? Click here —> Book a Discovery Call!
🏙️ We love our City! Subscribe to our weekly love letter to Halifax —> Week in Review | Halifax Real Estate
📚️Download FREE copies of our real estate books!
Selling with Confidence: Your Halifax Home Selling Guide to Top Dollar —> Sell with Confidence in Halifax
Home Improvements that Improve Values Guide —> Value adding Home Improvement
Home Sweet Halifax Buyers Guide —> The Complete Guide to Buying a Home
“If you’re thinking Real Estate in Halifax, Think Brenda K!”