The duration that homes remain on the market is impacted by distinct developments in Toronto's real estate market by property type as fall 2024 approaches. Understanding these trends can help you make strategic decisions, whether you're looking to buy or sell. Knowing the market pace helps buyers avoid missing out on possibilities, and it lets sellers know how soon offers are likely to come in. Let's take a closer look at what's happening quickly and why.
How Long Do Homes Stay on the Market?
Market Time Quick Facts by Type of Home
Semi-Detached Houses: 20 days on average
Townhouses: 22 days on average
Average of 25 days for detached homes
Condos: 35 days on average
(September 2024) Toronto Regional Real Estate Board
Semi-Detached Houses: 20 days on average
Townhouses: 22 days on average
Average of 25 days for detached homes
Condos: 35 days on average
(September 2024) Toronto Regional Real Estate Board
Every home type moves at a different rate because it appeals to different buyer demographics. Let's examine the trends influencing the most desirable residences in Toronto.
Condos are popular, but they sell slowly.
Condos' price and convenience draw in both first-time purchasers and investors, particularly in downtown Toronto. Although sale dates vary, the average condo price in the city is approximately $707,917.
- Toronto Central: 34 days on the market, average price of $755,575.
- Toronto West: 36 days on the market, average price $630,529.
- Toronto East is the most economical at $616,795, and it has a faster turnaround time of 29 days.
Freehold Homes: Rapidly Moving
Due to buyers' need for privacy and space, freehold homes—townhouses, semi-detached, and detached—are in great demand.
Freehold Property Market Time
- Townhouses: 24 days
- Homes that are semi-detached: 25 days
- 28-day period for detached homes
In popular neighborhoods like Toronto Central (15 days), Pickering (12 days), and New Tecumseth (9 days), semi-detached homes frequently sell in less than 20 days because they combine affordability with room.
Townhomes: In a Competitive Market
In just 17–23 days on average, townhouses in the Greater Toronto Area are snapped up. They are a competitive choice, particularly for families, due to their price range and privacy features.
- Toronto Central: Townhouses sell for an average of $1,410,373 and are listed for roughly 22 days.
- Whitby: Exceptional, with townhomes selling for an average price of $836,481 in just 12 days.
- Durham Region: Providing affordability with a quick 18-day sale schedule and an average townhouse price of $804,536.
High Demand for Detached Homes at Various Price Points
There is a noticeable pattern in detached homes: the more inexpensive they are, the quicker they sell. For example:
- Toronto East: only 17 days on average, $1.25 million.
- Oakville: It usually takes 30 days for $2.1 million homes.
- Homes linger longer in more expensive communities like Richmond Hill, but sales of detached homes close in 21 days in places like Oshawa, where the average price is $854,945.
Affordable Houses Are Selling Most quickly
The data indicates that speed is driven by affordability throughout the GTA. In contrast to Clarington's under $1 million properties, which move in roughly 21 days, homes in affluent neighborhoods like King, where detached homes often cost close to $2 million, take longer (40 days).
Summary: Fall 2024 Market Insights
Condos sell fast in some areas, such as Bradford and Uxbridge, but they stay longer, particularly in Toronto Central.
In as few as 9–22 days, semi-detached and townhouses are in great demand, especially in the Toronto and Durham areas.
Competitively priced detached homes sell quickly, and Durham has among of the quickest sales for low-cost properties.
Whether you're investing, trying to sell, or buying your first house, keeping up with market trends enables you to make prompt, well-informed decisions.
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