Windsor-Essex County Association of REALTORS®

The number of homes sold through the MLS® System of the Windsor-Essex County Association of REALTORS® totaled 425 units in November 2024. This increased by 17.1% from November 2023.

Home sales were 15.4% below the five-year average and 17.7% below the 10-year average for the month of November.

On a year-to-date basis, home sales totaled 5,192 units over the first 11 months of the year, a modest gain of 3% from the same period in 2023.

“MLS® home sales surged well above last year’s levels for November. Similarly, while the number of newly listed homes outpaced seasonal norms, they did take a significant step back from the influx seen over the past several months,” said Maggie Chen, President of the Windsor-Essex County Association of REALTORS®. “Although overall inventory fell to its lowest point since April it is still comfortably above November’s long-term averages, providing plenty of opportunities for buyers and sellers alike. The MLS® HPI Benchmark Price held steady month over month, maintaining its year-to-date gains. Market conditions remain balanced as we move into the end of 2024 and with another rate cut on the horizon, we move closer to the tipping point that will bring buyers back in the market in larger numbers.”

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 $582,700 in November 2024, a small gain of 2.9% compared to November 2023.

The benchmark price for single-family homes was $627,400, increasing by 2.9% on a year-over-year basis in November. By comparison, the benchmark price for townhouse/row units was $431,300, a modest gain of 1.1% compared to a year earlier, while the benchmark apartment price was $406,800, up modestly by 1.6% from year-ago levels.

The average price of homes sold in November 2024 was $577,758, up by 11.7% from November 2023.

The more comprehensive year-to-date average price was $566,900, a minor increase of 3.4% from the first 11 months of 2023.

The dollar value of all home sales in November 2024 was $245.5 million, rising significantly by 30.8% from the same month in 2023.

The number of new listings increased by 5.2% from November 2023. There were 928 new residential listings in November 2024.

New listings were 7.8% above the five-year average and 24.2% above the 10-year average for the month of November.

Active residential listings numbered 1,606 units on the market at the end of November, a gain of 10.2% from the end of November 2023. Active listings haven’t been this high in the month of November in more than five years.

Active listings were 41.6% above the five-year average and 33.9% above the 10-year average for the month of November.

Months of inventory numbered 3.8 at the end of November 2024, down from the 4 months recorded at the end of November 2023 and above the long-run average of 2.5 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.