As the final full month of fall wraps up, Halifax’s real estate market is providing clues about what’s ahead for 2025. Whether you're planning to buy, sell, or invest, staying informed is key to making the right moves in an evolving market. Let’s break down the November 2024 numbers and explore what they mean for your planning and real estate goals.
Active Listings: Slight Decline but Options Remain 📉
This November, active listings totaled 927, slightly lower than the 947 available in November 2023. While the dip is minimal, it reflects steady demand in the market. Buyers still have opportunities to find their dream home, even as inventory tightens compared to earlier in the year.
Home Sales: A Year of Growth 🏘️
Unit sales climbed to 388 in November 2024, up from 343 in the same month last year. This marks a 13% increase in year-over-year sales and continues the upward momentum we’ve seen throughout 2024. Year-to-date, total sales reached 4,693 compared to 4,300 in 2023—a testament to Halifax’s resilient buyer interest.
Days on Market: Slowing but Steady ⏳
Homes spent an average of 40 days on the market in November 2024, up from 33 days in 2023. While this reflects a slightly slower pace, it aligns with the broader trend of a market transitioning to more balanced conditions. Well-priced homes, particularly in key price ranges, continue to attract buyers efficiently.
Price Appreciation: Equity Gains Continue 💰
Halifax homeowners enjoyed another boost in equity, with the average sale price reaching $578,862 in November 2024—a 9.7% increase from $527,682 in November 2023. This remarkable growth demonstrates the lasting appeal of Halifax real estate and its potential for wealth building, whether you’re a seller or an investor.
List-to-Sale Price Ratio: Reflecting Market Health 📉
The list-to-sale price ratio for November 2024 stands at 99.8%, slightly lower than last year’s 100.1%. This slight dip highlights a less competitive market compared to previous years, with most homes selling near their list price—a positive indicator of market stability.
What’s Driving Halifax Real Estate? 🔑
This year’s performance has been shaped by three main factors:
Price Point: Homes in the $500,000–$600,000 range continue to drive sales, with steady demand across key price brackets.
Style of Home: Buyer preferences for certain layouts and features play a significant role.
Location: Proximity to schools, transit, and amenities remains a top priority for many buyers.
Key Takeaways for Buyers, Sellers, and Investors
For Buyers: Inventory remains available, but prices are climbing. If you’re considering buying, acting sooner could help you secure a better deal.
For Sellers: Accurate pricing is crucial to attract serious buyers and capitalize on Halifax’s steady appreciation.
For Investors: Halifax continues to offer strong equity growth, making it a reliable market for strategic investments.
Thinking of Making a Move? Let’s Connect!
November’s market trends show a steady and active environment, setting the stage for real estate opportunities in 2025. Whether you're buying, selling, or investing, our team is here to help you navigate Halifax’s evolving market with confidence. Reach out to discuss your real estate goals and strategies today!
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