Muskoka Real Estate Market Update November 2024



December 23, 2024

Muskoka Real Estate Market Update – November 2024

The overall Muskoka Real Estate market (residential and waterfront combined) saw the average sale price decrease 8.4% and a median sale price decrease of 6% year over year. 

The total dollar volume sees an increase of 1.9% comparing YOY. There were 103  more sales, with 1079 units sold from January-November 2024 compared to 976 units sold from January-November 2023.  

Active listings are up for 2024 compared to 2023; combined waterfront and residential listings in Muskoka are up 8.2% for November 2024 compared to November 2023. The waterfront market has  a 94% sold to list ratio. The residential market has a 74% sold to list ratio. Typical for this time of year which sees few listings come to market.

Average Sale Price – January-November 2024, $1,111,753 vs January-November 2023, $1,205,736; Down 8.4%.

Median Sale Price – January-November 2024, $760,000 vs. January-November 2023, $806,000; Down 6%.

Total Unit Sales – January-November 2024, 1079 vs January-November 2023, 976; Up 103 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 – November 2024 – $1,179,465

Median Sale Price – November 2024 – $885,000

Unit sales for November 2024 totalled 33. That’s 12 units less than the previous month and up 7 units compared to November 2023.

We see a similar number of new listings for November 2024 than we’ve seen in the past couple Novembers. With winter approaching November is a quieter time of year, reflected with few sales and listings

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 November 2024 was 78, an increase of 27 days from September 2024. Properties in November sold for  94.7% of the listing prices; virtually unchanged from October 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 – November 2024 – $665,624

Dn 2% month over month

Down 6% compared to November 2023

The Muskoka residential market moves into a Seller’s market, with a 74% list to sold ratio and median sale price virtually unchanged..

Median Sale Price – November 2024 – $635,000

Down 0.7% month over month

Up 3.2% compared to November 2023

Residential unit sales for November 2024 totalled 61. That’s 20 less sales than last month and 25 more than November 2023.

MUSKOKA RESIDENTIAL MARKET – DOM and Sale to List Price Ratio

The average number of days to sell a home in Muskoka in November 2024 was 50, an increase of 2 days from the previous month. In November 2023, selling a home in Muskoka took an average of 48 days.

The percentage difference between selling and listing prices is 96.6%, essentially 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®