Kingston and Area Real Estate Association

The number of homes sold through the MLS® System of the Kingston and Area Real Estate Association totaled 182 units in November 2024. This was a gain of 4.6% (eight sales) from November 2023.

Home sales were 11.7% below the five-year average and 0.6% above the 10-year average for the month of November.

On a year-to-date basis, home sales totaled 2,581 units over the first 11 months of the year. This was up by 8.5% from the same period in 2023.

“While sales were by no means setting new records for the month of November, it was still reassuring to see that activity was continuing its slow and steady upward momentum,” said Erin Finn, President of the Kingston and Area Real Estate Association. “Home sales came in right at the lower end of average levels for this time of year, showing progress from where they stood in the same month in the past two years. Meanwhile, sellers have not retreated from the market and are still listing their properties to attract an ever-growing pool of buyers returning off the sidelines.”

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $571,700 in November 2024, a moderate gain of 5.5% compared to November 2023.

The benchmark price for single-family homes was $590,800, increasing by 7.2% on a year-over-year basis in November. By comparison, the benchmark price for townhouse/row units was $512,200, a modest decline of 2.6% compared to a year earlier, while the benchmark apartment price was $411,300, down by 8.4% from year-ago levels.

The average price of homes sold in November 2024 was $602,374, an increase of 4.2% from November 2023.

The more comprehensive year-to-date average price was $610,380, a slight reduction of 0.4% from the first 11 months of 2023.

The dollar value of all home sales in November 2024 was $109.6 million, increasing by 9% from the same month in 2023.

The number of new listings saw a sharp decrease of 14.9% from November 2023. There were 344 new residential listings in November 2024.

New listings were 4.8% above the five-year average and 25% above the 10-year average for the month of November.

Active residential listings numbered 939 units on the market at the end of November, up by 5.2% from the end of November 2023. Active listings haven’t been this high in the month of November in a decade.

Active listings were 59.2% above the five-year average and 68.5% above the 10-year average for the month of November.

Months of inventory numbered 5.2 at the end of November 2024, up from the 5.1 months recorded at the end of November 2023 and above the long-run average of 3.4 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.