Muskoka Real Estate Market Update June 2024

Muskoka Real Estate Market Update – June 2024

The overall Muskoka Real Estate market (residential and waterfront combined) saw the average sale price down 10.4% and the median sale price has decreased 1% year over year. 

The total dollar volume has increased by 9.8% comparing YOY. There were 19 more sales, with 532 units sold from January-June 2024 compared to 513 units sold from January-June 2023.  

We continue to have more active listings for 2024 compared to 2023; combined waterfront and residential listings in Muskoka are up 36% for June 2024 compared to June 2023. Spring has ended and the waterfront market creeps into a balanced market, with a 36% sold to list ratio. The residential (off-water) market continues to be balanced with a 40% sold to list ratio.

Average Sale Price – January-June 2023, $1,222,917 vs January-June 2024, $1,107,566; Down 10.4%.

Median Sale Price – January-June 2023, $801,041 vs. January-June 2024, $792,500; Down 1%.

Total Unit Sales – January-June 2023, 513 vs January-June 2024, 532; Up 19 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 – June 2024 – $2,001,891

Median Sale Price – May 2024 – $1,525,000

Unit sales for June 2024 totalled 55. That’s 4 units more than the previous month and down 51 units compared to May 2023.

New listings in June 2024 are very similar to June 2022 and 2023, shifting the Muskoka waterfront market from a buyers market to a balanced 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 June 2024 was 38, an increase of 7 days from May 2024. Properties in June sold for an average 93.8% of the listing prices for June; a 1.8% decrease from May 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 – June 2024 – $699,637

Down 3.1% month over month

Down 1.2% compared to June 2023

Median Sale Price – June 2024 – $644,253

Down 4.7% month over month

Down 5.4% compared to June 2023

Unit sales for June 2024 totalled 68. That’s 19 less sales than last month and 5 more than June 2023.

MUSKOKA RESIDENTIAL MARKET – DOM and Sale to List Price Ratio

The average number of days to sell a home in Muskoka in June 2024 was 31, a decrease of 9 days from the previous month. In June 2023, selling a home in Muskoka took an average of 39 days.

The percentage difference between selling and listing prices is 97.5%, virtually unchanged from the previous month.

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®