New Brunswick Real Estate Board

The number of homes sold through the MLS® System of the New Brunswick Real Estate Board totaled 757 units in November 2024. This was a minor increase of 1.5% (11 sales) from November 2023.

Home sales were 9.4% below the five-year average and 6.3% above the 10-year average for the month of November.

On a year-to-date basis, home sales totaled 8,904 units over the first 11 months of the year. This was a small gain of 2.9% from the same period in 2023.

At the local level home sales activity posted an increase in Fredericton (14.4%), Northern and Valley Regions (1.4%), and Greater Moncton (0.8%) and recorded a decline in Saint John (-8.9%) on a year-over-year basis.

“November saw a slight cooldown in sales compared to October, though totals remained consistent with the same period last year and are aligned with the long-run average. The number of newly listed properties in November, however, experienced a significant decline, indicating re-emerging supply challenges,” said Mike Power, Chair of the New Brunswick Real Estate Board. “Active listings also fell below the 3,000-home mark for the first time since the spring, sitting well below the 10-year average for November. On the pricing side, despite some fluctuations over the course of 2024, average prices have consistently outpaced 2023, reflecting the underlying strength in our local markets. In related news, in response to the ongoing supply challenges the federal government recently announced an investment of over $7.5 million to construct 39 new homes in New Brunswick. Collaborative efforts between all levels of government will be essential to address the ongoing supply constraints and ensure a balanced accessible market for all.”

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 $326,500 in November 2024, increasing by 14.2% compared to November 2023.

The benchmark price for single-family homes was $327,600, a gain of 14.4% on a year-over-year basis in November. By comparison, the benchmark price for townhouse/row units was $287,100, up by 8.5% compared to a year earlier, while the benchmark apartment price was $294,500, an increase of 13.9% from year-ago levels.

The dollar value of all home sales in November 2024 was $238.7 million, up by 13.9% from the same month in 2023.

The number of new listings saw a decrease of 4.2% from November 2023. There were 799 new residential listings in November 2024. This was the lowest number of new listings added in the month of November in five years.

New listings were 3% below the five-year average and 5.2% below the 10-year average for the month of November.

Active residential listings numbered 2,815 units on the market at the end of November, a moderate gain of 5.1% from the end of November 2023.

Active listings were 3.3% above the five-year average and 35.1% below the 10-year average for the month of November.

Months of inventory numbered 3.7 at the end of November 2024, up from the 3.6 months recorded at the end of November 2023 and below the long-run average of 6.9 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