Real Estate Trends - Key Points
As the city slowly emerges from winter, our real estate brokers have meticulously scrutinized the emerging trends in the Montreal real estate market during the first quarter of 2024.
Here are the highlights they’ve observed.
Regarding single-family homes :
The single-family home market has seen a rise in prices, with a median price reaching $737,000, representing a 7% increase compared to the previous year. Despite this price increase, total sales have recorded a modest growth of 28%, with a total of 1023 transactions. The average selling time has remained relatively stable at 69 days, underscoring the sustained demand for this type of property.
Regarding condominiums :
Condominiums have maintained their appeal as a popular housing option, with a median price rising by 3% to reach $455,000. Total sales have recorded a significant growth of 16%, with a total of 2057 transactions in the first quarter of 2024 compared to 1777 transactions in 2023. The average selling time has remained stable at 70 days, indicating the stability and increasing popularity of this segment of the real estate market.
Regarding multi-unit properties :
Multiple-unit properties have maintained their attractiveness, with a median price increasing by 3% to now reach $778,500. Total sales have also experienced a significant increase, rising by 22% compared to 2023, with a total of 522 transactions. Additionally, the average selling time has slightly decreased to 79 days in 2024, demonstrating the continued vitality of this market segment.
In conclusion, the first quarter data of 2024 illuminates the resilience and dynamism of the Montreal real estate market. This vitality presents exciting opportunities for both buyers and sellers. If you’re ready to take the next step, our real estate brokers are here to guide you, whether you’re looking to sell or buy.
A few properties for sale in Montreal
Montréal
Two or more storey
Montréal
Apartment
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Apartment
