Key Takeaways:
- Interest rates expected to soften in 2024
- More homes sold in 2023 than in 2022
- Average prices were down in 2023 compared to 2022
- The busiest months in Quinte area real estate are April to July
Stepping into 2024, those buying or selling property in the Quinte area must be well-prepared for the real estate market. Real estate market conditions change quickly in the Quinte area, and being ready to work with your REALTOR®️ to adapt to those market changes is the best way to be successful in your real estate goals in the new year. In 2023, we saw a drastic change in the market compared to what we saw during the pandemic when interest rates were low. In 2024, we anticipate more changes to market conditions.
Looking back at 2023 in the Quinte real estate market
Understanding the trends of 2023 is essential for navigating and preparing for 2024. In Quinte West, the average home sale price was $580,315, showing a decrease of 14.25% from 2022. However, while market conditions were softer in 2023, 125 more properties sold in 2023 than in the previous year. Buyers were still very active; there was just much more inventory. Similarly, Prince Edward County observed an average selling price of $786,743, also lower than the previous year, though by a steeper gap of 25.08%. Like Quinte West, 79 more homes sold in Prince Edward County in 2023 than in 2022. These figures indicate more affordable options than we saw in previous years going into 2024 for buyers and sellers needing to adjust to the changing market dynamics.
In addition to Quinte West and Prince Edward County, other markets in our area also experienced notable trends in 2023. Belleville, Brighton, Stirling-Rawdon, Trent Hills, Cramahe, Alnwick/Haldimand, Tweed, and Greater Napanee had unique shifts. For instance, Belleville saw a significant increase in home sales, indicating a growing interest in the area. Brighton, known for its scenic views, beautiful waterfront, and community atmosphere, maintained a steady appeal, with prices reflecting its desirability. Rural areas like Stirling-Rawdon and Trent Hills continued to attract those seeking a quieter lifestyle, impacting their market dynamics. Each area contributes to our region’s diverse real estate landscape, reflecting a range of opportunities and trends that buyers and sellers should consider when navigating the real estate market in 2024.
What to expect in 2024
2024 holds many potential changes, particularly in interest rates, which could significantly influence the real estate market. A rate decrease may boost buyer enthusiasm, leading to increased demand.
Data source: CLAR and TRREB
This situation, coupled with the ongoing housing shortage in our areas, suggests that the market could see a rise in property values. CIBC’s chief economist, Benjamin Tal, and many other economists for large banks predict that interest rates will begin trending down in the first or second quarter of 2024. For sellers, this could mean a favourable market scenario. At the same time, buyers might find early 2024 an opportune time to purchase before any price escalations and the traditional increase in competition in the spring real estate market.
Guidance for Buyers in 2024
For those looking to buy in 2024, early action is advisable. With the current market conditions being more buyer-friendly than in previous years over the pandemic, seizing opportunities before any potential market upswing is wise. However, buyers should also be prepared for fluctuations and keep a flexible budget that accounts for these possible changes. January is traditionally a slow month in real estate sales as people focus more on returning to their routines after the holidays than they pay attention to home buying.
Advice for Sellers in 2024
For sellers, the spring market, typically April to July, remains the predicted best time to sell. This season historically sees heightened real estate activity in our region, driven by factors like military posting season and the influx of tourists to the County. Listing your property during this peak season could maximize visibility and demand. Moreover, strategic pricing, informed by 2023’s market analysis yet adaptable to current trends, will be key in attracting potential buyers.
Preparation and effort into the presentation of your home, like staging and high-quality media, will help position your home above competing listings, giving you a better opportunity to get a great price with less time on the market.
Guidance for Buyers in 2024
For those looking to buy in 2024, early action is advisable. With the current market conditions being more buyer-friendly than in previous years over the pandemic, seizing opportunities before any potential market upswing is wise. However, buyers should also be prepared for fluctuations and keep a flexible budget that accounts for these possible changes. January is traditionally a slow month in real estate sales as people focus more on returning to their routines after the holidays than they pay attention to home buying.
Staying Informed
In a market where conditions shift rapidly, staying informed is invaluable for buyers and sellers. Regular updates on market trends, interest rate changes, and housing inventory levels can provide a competitive edge and aid in making informed decisions. To stay current on market trends in the Quinte area, sign up for our monthly newsletter at the bottom of this blog post. We only send one email per month to this list, so you don’t have to worry about inbox spam.
Our Commitment
At Quinte Living, one of RE/MAX Quinte’s top real estate teams in 2023, we are dedicated to making the complexities of real estate understandable and accessible. Throughout 2024, we will be your trusted source of information, whether you are selling your home or embarking on the journey to find the next one. Our expertise and insights aim to empower you to navigate the Quinte West and Prince Edward County real estate market confidently and make informed decisions about your real estate goals.