Muskoka Real Estate Market Update October 2024

Muskoka Real Estate Market Update – October 2024

The overall Muskoka Real Estate market (residential and waterfront combined) saw the average sale price decrease 6.9% and a median sale price decrease of 6.2% year over year. 

The total dollar volume has remained virtually unchanged at 0.8% comparing YOY. There were 71 more sales, with 985 units sold from January-October 2024 compared to 914 units sold from January-October 2023.  

Active listings are up for 2024 compared to 2023; combined waterfront and residential listings in Muskoka are up 8% for October 2024 compared to October 2023. The waterfront market saw more sales than there were new listings, making it a strong Sellers Market for October 2024, with a 101% sold to list ratio. The residential (off-water) market moves towards a balance market with a 54% sold to list ratio.

Average Sale Price – January-October 2023, $1,222,121 vs January-October 2024, $1,137,112 ; Down 6.9%.

Median Sale Price – January-October 2023, $809,500 vs. January-October 2024, $762,500; Down 6.2%.

Total Unit Sales – January-October 2023, 914 vs January-October 2024, 985; Up 71 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 – October 2024 – $1,886,333

Median Sale Price – October 2024 – $1,370,000

Unit sales for October 2024 totalled 45. That’s 27 units less than the previous month and up 14 units compared to October 2023.

We see a similar number of listings for October 2024 than we’ve seen in the past couple Octobers. This combined with a similar number of units sold pushes the Muskoka waterfront market into a strong Sellers 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 October 2024 was 76, an increase of 25 days from September 2024. Properties in October sold for  94.2% of the listing prices; a 1.2% decrease from September 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 – October 2024 – $679,102

Up 8% month over month

Down 6.5% compared to October 2023

The Muskoka residential market moves towards a Seller’s market, with a 54% list to sold ratio and average sale price increasing month-over-month.

Median Sale Price – October 2024 – $640,000

Up 6.6% month over month

Down 3% compared to October 2023

Unit sales for October 2024 totalled 81. That’s 17 more sales than last month and 33 more than October 2023.

MUSKOKA RESIDENTIAL MARKET – DOM and Sale to List Price Ratio

The average number of days to sell a home in Muskoka in October 2024 was 48, a decrease of 16 days from the previous month. In October 2023, selling a home in Muskoka took an average of 47 days.

The percentage difference between selling and listing prices is 96.3%, a 1.9% decrease 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®