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The Markham real estate market in September 2024 brings a mix of opportunities for sellers, buyers, and investors. Whether you're thinking about putting your home on the market or planning your next investment, the current trends could work in your favor.
For Sellers: A Window of Opportunity
The detached home market is still performing well, with the average price sitting at $1,671,670. However, inventory across the Greater Toronto Area has increased by 35.5% YoY, meaning more competition for sellers. Homes are spending an average of 26 days on the market, so it's crucial to price competitively and make the most of this window before more properties flood the market.
Semi-detached homes, on the other hand, have seen a slight dip in prices, with a 1.33% MoM decrease, but this could also work in favor of homeowners looking for a quick sale. Properties in this category spend about 20 days on the market, making them attractive to buyers looking for a faster closing.
For Buyers: Deals in Townhouses and Semi-Detached Homes
For buyers, especially first-time homebuyers and investors, condo townhouses are showing promise. The 4.43% month-over-month price increase suggests growing demand, but the average price remains relatively affordable at $969,112. This might be the perfect time to secure a property before prices rise further.
Semi-detached homes also present a unique opportunity for buyers, with prices cooling slightly—down 1.33% month-over-month—giving you some negotiation power.
Investors: Eye on Inventory Growth
With inventory levels rising in the GTA, there is a growing pool of properties to choose from. This is particularly relevant for investors looking for medium to long-term growth. Condos and condo townhouses, priced at an average of $709,682 and $969,112 respectively, are popular among renters, making them a solid investment option.
Sam Chaim - Your Point Man 🏀 in Real Estate
Making A Difference For You
Re/Max Realtron
(416) 543-7252
sam@samchaim.ca
