Muskoka Real Estate Market Update – March 2024

The overall Muskoka real estate market (residential and waterfront combined) average and median sale prices are down YOY for the first quarter of 2024. However, the total dollar volume remained virtually unchanged. There were 13 more sales YOY, with 166 units sold from January-March 2024 compared to 153 units from January-March 2023. As we predicted in our February stats post, the spring market did start early. We saw the most new listings for March since 2016, primarily due to the warm weather and little snow.

Average Sale Price – January-March 2023, $960,063 vs January-March 2024, $882,372; Down 8.8%

Median Sale Price – January-March 2023, $730,000 vs. January-March 2024, $717,500; Down 1.7%.

Total Unit Sales – January-March 2023, 153 vs January-March 2024, 166; Up 13 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) Muskoka cottages have shown an annual growth rate of approximately 8.3% year-over-year. This shows that an initial investment has more than 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.

MUSKOKA WATERFRONT MARKET – Average and Median Sale Price

Average Sale Price – March 2024 – $1,663,886

Up 20% month over month
Down 20% compared to March 2023

Median Sale Price – March 2024 – $1,220,000

Down 18.8% month over month
Down 25.8% compared to March 2023

Unit sales for March 2024 totalled 21. That’s 8 units more than the previous month and down 1 unit compared to March 2023.

With the seasonally warmer weather in March the spring cottage market started early this year. With 168 new listings, the most for March since 2016. Unit sales are remaining almost unchanged, we are in a buyers market for March 2024.

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

The average days to sell a cottage in Muskoka for March 2024 was 30, a decrease of 13 days from March 2023, with a 96.9% difference between selling and listing prices.

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 over 2020-2021.

MUSKOKA RESIDENTIAL MARKET – Average and Median Sale Price

Average Sale Price – March 2024 – $686,580

Down 3.9% month over month
Up 2.3% compared to March 2023

Median Sale Price – March 2024 – $675,000

Up 0.7% month over month
Up 3.6% compared to March 2023

Unit sales for March 2024 totalled 49. That’s 3 more sales than the previous month and 1 less than March 2023.

MUSKOKA RESIDENTIAL MARKET – DOM and Sale to List Price Ratio

The average number of days to sell a home in Muskoka in March 2024 was 45, a decrease of 1 days from the previous month. In March 2023, selling a home in Muskoka took an average of 33 days.

The percentage difference between selling and listing prices is 97.4%, less than half a percent increase 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 2022 Year in Review blog, click HERE.

Statistics sourced from The Lakelands Association of Realtors®