Muskoka Real Estate Market Update July 2024

Muskoka Real Estate Market Update – July 2024

The overall Muskoka Real Estate market (residential and waterfront combined) saw the average sale price down 14.4% and the median sale price decrease 2.6% year over year. 

The total dollar volume has increased by 10% comparing YOY. There were 24 more sales, with 635 units sold from January-July 2024 compared to 611 units sold from January-July 2023.  

We continue to have more active listings for 2024 compared to 2023; combined waterfront and residential listings in Muskoka are up 19% for July 2024 compared to July 2023. Summer is here and the waterfront market shifts into a Buyers Market, with a 30% sold to list ratio. The residential (off-water) market continues to be balanced with a 46% sold to list ratio.

Average Sale Price – January-July 2023, $1,226,105 vs January-July 2024, $1,071,070; Down 14.4%.

Median Sale Price – January-July 2023, $800,000 vs. January-July 2024, $779,900; Down 2.6%.

Total Unit Sales – January-July 2023, 611 vs January-July 2024, 635; Up 24 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 – July 2024 – $1,222,501

Median Sale Price – July 2024 – $875,000

Unit sales for July 2024 totalled 33. That’s 22 units less than the previous month and down 9 units compared to July 2023.

We saw the fewest listings in July 2024 than we have seen in the past 10 years. This plus the fewest sales over $2,000,000 in the last 10 years contribute to a substantial decrease in average price and moves the Muskoka Waterfront Market into a Buyers market. Perhaps this is temporary and we will see a spike in the market as we approach the later half of Summer and into the Fall. Historically (pre covid-19) the Summer months tend to slow down as people enjoy everything Muskoka has to offer.

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 July 2024 was 71, an increase of 33 days from June 2024. Properties in July sold for an average 95.1% of the listing prices; a 1.3% decrease from June 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 – July 2024 – $721,870

Up 3.2% month over month

Up 1.4% compared to July 2023

The Muskoka residential market continues to be a balanced market, with a 46% list to sold ratio and average sale price holding steady with minimal change month-over-month and year-over-year.

Median Sale Price – July 2024 – $632,500

Down 1.8% month over month

Down 6.7% compared to July 2023

Unit sales for July 2024 totalled 70. That’s 2 more sales than last month and  16 more than July 2023.

MUSKOKA RESIDENTIAL MARKET – DOM and Sale to List Price Ratio

The average number of days to sell a home in Muskoka in July 2024 was 43, an increase of 12 days from the previous month. In July 2023, selling a home in Muskoka took an average of 27 days.

The percentage difference between selling and listing prices is 96.7%, 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®