Muskoka Real Estate Market Update August 2024

Muskoka Real Estate Market Update – August 2024

The overall Muskoka Real Estate market (residential and waterfront combined) saw the average sale price down 12.7% and the median sale price has decreased 4.4% year over year. 

The total dollar volume has decreased by 13.3% comparing YOY. There were 4 less sales, with 726 units sold from January-August 2024 compared to 730 units sold from January-August 2023.  

Active listings are down for 2024 compared to 2023; combined waterfront and residential listings in Muskoka are down 5.9% for August 2024 compared to August 2023. The waterfront market inches towards a Balanced Market, with a 34% sold to list ratio. The residential (off-water) market moves to a Buyer’s market with a 30% sold to list ratio.

Average Sale Price – January-August 2023, $1,216,117 vs January-August 2024, $1,079,153; Down 12.7%.

Median Sale Price – January-August 2023, $811,480 vs. January-August 2024, $777,450; Down 4.4%.

Total Unit Sales – January-August 2023, 730 vs January-August 2024, 726; Down 4 units

Muskoka Cottage Real Estate Market

MUSKOKA WATERFRONT MARKET – Average and Median Sale Price by Year (2014-2023)

Muskoka Waterfront continues to be a sound investment. Over the last 10 years (2014-2023), there has been an annual growth rate of approximately 8.3% year-over-year. This shows that the initial investment has doubled over the last 10 years. For example, a $1,000,000 Cottage purchase in 2014 could be valued at approximately $2,219,650.34 in 2023. Of course, many variables affect Muskoka Waterfront values, one being Covid-19, which saw a higher-than-normal increase over 2020-2021 in Muskoka real estate prices.

MUSKOKA WATERFRONT MARKET – Average and Median Sale Price

Average Sale Price – August 2024 – $1,596,850

Median Sale Price – August 2024 – $962,500

Unit sales for August 2024 totalled 44. That’s 11 units more than the previous month and down 11 units compared to August 2023.

We saw the fewest listings in July 2024 than we have seen in the past 10 years so its not surprising August has improved numbers with an increase of 30% in average price month over month and an increase of 10% in median price. Inching August towards a balanced Muskoka waterfront market.

MUSKOKA WATERFRONT MARKET – Days on Market (DOM) and Sale to List Price Ratio

The average number of days to sell a cottage in Muskoka in August 2024 was 56, a decrease of 15 days from July 2024. Properties in August sold for an average 93.8% of the listing prices; a 1.3% decrease from July 2024.

Muskoka Residential Real Estate Market

MUSKOKA RESIDENTIAL MARKET – Average and Median Sale Price by Year (2014-2023)

Muskoka’s residential market continues to be a sound investment. Over the last 10 years (2014-2023), we’ve seen an annual growth rate of approximately 10.3% year-over-year. This shows that an initial investment has significantly more than doubled over the last 10 years. For example, a $500,000 home purchase in 2014 could be approximately $1,332,677.69 in 2023. Of course, many variables affect Muskoka’s residential values, one being COVID-19, which saw a higher-than-normal increase in Muskoka real estate prices over 2020-2021.

MUSKOKA RESIDENTIAL MARKET – Average and Median Sale Price

Average Sale Price – August 2024 – $703,707

Down 2.6% from last month

Down 7.3% compared to August 2023

The Muskoka residential market dips into a buyer’s market, with a 30% list to sold ratio and average sale price holding steady with minimal change month-over-month.

Median Sale Price – August 2024 – $641,850

Up 1.5% from last month

Down 16.4% compared to August 2023

Unit sales for August 2024 totalled 47. That’s 23 less sales than last month and 18 less than August 2023.

MUSKOKA RESIDENTIAL MARKET – DOM and Sale to List Price Ratio

The average number of days to sell a home in Muskoka in August 2024 was 41, a decrease of 2 days from the previous month. In August 2023, selling a home in Muskoka took an average of 43 days.

The percentage difference between selling and listing prices is 97%, virtually unchanged from the previous month, less than 1%

If you want to see different Muskoka real estate statistics or numbers more relatable to your situation, please send us a message anytime.

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

To view the 2023 Year in Review blog, click HERE.

Statistics sourced from The Lakelands Association of Realtors®