Muskoka Real Estate Market Update May 2024

Muskoka Real Estate Market Update – May 2024

The overall Muskoka real estate market (residential and waterfront combined) for May 2024 saw the average sale price down 10.2% and the median sale price down 2.5% year over year. 

The total dollar volume has decreased by 3.8% comparing YOY. With 24 more sales YOY, and 409 units sold January-May 2024 compared to 385 units sold January-May 2023.  

We continue to have more new listings for 2024 compared to 2023; combined waterfront and residential listings in Muskoka are up 20% for May 2024 compared to May 2023. Spring is in full force and as predicted we are in a buyer’s market for waterfront properties in Muskoka, with a 24% sold to list ratio. The residential (off-water) market continues to be balanced with a 43% sold to list ratio.

Average Sale Price – January-May 2023, $1,163,677 vs January-May 2024, $1,055,125; Up 10%.

Median Sale Price – January-May 2023, $815,000 vs. January-May 2024, $770,000; Down 5.8%.

Total Unit Sales – January-May 2023, 385 vs January-May 2024, 409; 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 – May 2024 – $2,144,363

Median Sale Price – May 2024 – $1,500.000

Unit sales for May 2024 totalled 51. That’s 10 units more than the previous month and down 13 units compared to May 2023.

There were more new listings in May 2024 than in the previous few years, and a decrease in unit sales resulting in a buyer’s market for May 2024.

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

The average days to sell a cottage in Muskoka in May 2024 was 31; an increase of 4 days from May 2023. There was a 95.5% difference between selling and listing prices for May.

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 – May 2024 – $721,659

Down 5.3% month over month

Down 13% compared to May 2023

Median Sale Price – May 2024 – $674,900

Down 0.6% month over month

Down 14% compared to May 2023

Unit sales for May 2024 totalled 87. That’s 23 more sales than last month and 7 more than May 2023.

MUSKOKA RESIDENTIAL MARKET – DOM and Sale to List Price Ratio

The average number of days to sell a home in Muskoka in May 2024 was 40; a decrease of 1 day from the previous month. In May 2023, selling a home in Muskoka took an average of 35 days.

The percentage difference between selling and listing prices is 97.6%, the same as 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®