2023 Muskoka Real Estate Market Year in Review

Thank you for reviewing the 2023 Muskoka Real Estate market update! 

The Muskoka Real Estate Market (residential and waterfront combined) Average and Median sale prices have remained virtually unchanged compared to 2022.
However, the Total $ Volume and Total Unit Sales have decreased, with the number of new listings increasing for 2023 compared to 2022.

When we pull out the statistics for the ‘Big Lakes’ (Lake Rosseau, Lake Joseph, Lake Muskoka, Lake of Bays, Fairy Lake, Mary Lake, Lake Vernon, Peninsula Lake, Skeleton Lake), we see a significant increase in average sale price on Lake Joseph, up almost 54%, this can be attributed to six sales above $10,000,000. The number of sales has also increased on the ‘Big Lakes’, from 156 in 2022 to 171 in 2023, an increase of 9.6% compared to the entire waterfront market, which is down 4.2% in 2023.

2023 Muskoka Real Estate Market Combined

Total $ Volume, 2022 – $1,312,382,073 vs $ Volume, 2023 – $1,205,312,357; Down 8.8%.

Total Unit Sales, 2022 – 1,119 vs 2023 – 999; Down 12%

Number of New Listings, 2022 – 2119 vs  2023 – 2462; Up 16%

Average Sale Price, 2022 – $1,172,817 vs 2023 – $1,206,519; Up 2.8%.

Median Sale Price, 2022 – $805,000 vs. 2023 – $806,000; Up 0.1%.

Below we’ll look separately at residential (off water), ‘Big Lakes’, and cottage (waterfront) markets.

2023 Muskoka Cottage Real Estate Market

2023 MUSKOKA WATERFRONT MARKET – Average and Median Sale Price

Average Sale Price – 2023 – $1,886,728
Up 2.5% Compared to 2022 average sale price $1,840,414

Median Sale Price –  2023 – $1,251,250
Down .01% Compared to 2022 median sale price $1,250,000

Unit sales for 2023 totalled 410. That’s 5% fewer sales than 2022 which had 431 sales.

MUSKOKA WATERFRONT MARKET – Days on Market (DOM)

The average days to sell a cottage in Muskoka for December 2023 was 71. This is a decrease of 14 days from the previous month.

MUSKOKA WATERFRONT MARKET – Sale to List Price Ratio

The Sale to List Price Ratio for December is at 100%, compared to 91.1% in November. However, looking at YOY, the ratio for 2023 was 95.7% compared to 97.5% in 2022.

MUSKOKA WATERFRONT MARKET – Unit Sales by Price Range

Most cottage unit sales in 2023 occurred between $1,000,000 – $2,000,000 with 149 and the $500,000-$1,000,000 range seeing the second larges unit sales for 2023 with 137.

Sales over $8,000,000 are continuing to occur more often, with 29 sales over the last 3 years. These Muskoka real estate properties will be mainly on the big three lakes; Lake Muskoka, Lake Rosseau, and Lake Joseph.

2023 Muskoka ‘Big Lakes’ Cottage Market

(Lake Joseph, Lake Rosseau, Lake Muskoka, Fairy Lake, Mary Lake, Lake Vernon, Peninsula Lake, Skeleton Lake)

The following statistics are for Lake Muskoka, Lake Joseph, Lake Rosseau, Lake of Bays, Huntsville Lakes (Fairy Lake, Mary Lake, Peninsula Lake, Lake Vernon) and Skeleton Lake. Similar to the entire Muskoka market, 2023 is comparable to 2022 with no significant changes.

MUSKOKA ‘Big Lakes’ MARKET

Average Sale Price – 2023 – $3,282,724
Up 8.3% Compared to 2022 average sale price $3,030,981

Median Sale Price –  2023 – $2,300,000
Up 10.3% Compared to 2022 median sale price $2085000

Unit sales for 2023 totalled 171. That’s 9.6% more sales than 2022, which had only 156 sales.

Number of New Listings for 2023 totalled 447. That’s 24.2% more listings than 2023, which had only 360 sales.

2023 Muskoka Residential Real Estate Market

MUSKOKA RESIDENTIAL MARKET – Average and Median Sale Price

Average Sale Price – 2023 – $729,098
Down 3.5% Compared to 2022 average sale price $754,598

Median Sale Price – 2023 – $690,000
Down 1.4% Compared to 2022 median sale price $700,000

Unit sales for 2023 totalled 587. That’s 101 fewer sales than 2022 with 688 unit sales, a 17% drop.

MUSKOKA RESIDENTIAL MARKET – Days on Market (DOM)

The average number of days to sell a home in Muskoka in December 2023 was 44, an decrease of 4 days from the previous month. In December 2022, selling a home in Muskoka took an average of 38 days.

MUSKOKA RESIDENTIAL MARKET – Sale to List Price Ratio

The percentage difference between selling and listing prices is 95.3% for December 2023, remaining basically unchanged from the previous month. Looking at year of year, 2023 was at 97.6% compared to 100% in 2022.

MUSKOKA RESIDENTIAL MARKET – Unit Sales by Price Range

The chart below shows how the market has changed according to price range. In 2018 there were a total of 616 Muskoka homes sold under the price of $500,000, in 2023 that number was only 97. Most residential home sales in 2023 occurred within the $500,000-$750,000 range which accounted for 264 sales, or 45% of home sales in 2023.

In 2018 there were only 2 sales of over $1,000,000; in 2023, that number has grown to 73.

To have your existing Muskoka waterfront home or cottage professionally staged, photographed, listed, and SOLD please feel free to contact the Aben Team.

If you want to see different statistics, or numbers more relatable to your situation, send us a message. Whether your Muskoka property is a vacant lot, residential home, or luxury cottage, we’d love an opportunity to discuss the current market trends with you.

We’ll do our best to keep you informed, but don’t hesitate to reach out with any questions.

John Aben 705-788-4770, or john@abenteam.com
Mark Aben 705-788-4388, or mark@abenteam.com

To view the 2022 Year in Review, click HERE