Muskoka Real Estate Market Update September 2024

Muskoka Real Estate Market Update – September 2024

The overall Muskoka real estate market (residential and waterfront combined) saw the average sale price increase by 28.6% and the median sale price remain virtually unchanged up 0.6% year over year for September. Year to date, January to September 2024 is down 6.7% compared to the same period in 2023.

The total dollar volume has decreased by 3.7% comparing YOY. There were 25 more sales, with 858 units sold from January-September 2024 compared to 833 units sold from January-September 2023.  

Active listings are down for 2024 compared to 2023; combined waterfront and residential listings in Muskoka are down 10.7% for September 2024 compared to September 2023. The waterfront market inches towards a Sellers Market, with a 54.5% sold to list ratio. The residential (off-water) market moves into a balance market with a 38% sold to list ratio.

Average Sale Price – January-September 2023, $1,217,425 vs January-September 2024, $1,140,167; Down 6.7%.

Median Sale Price – January-September 2023, $812,000 vs. January-September 2024, $773,500; Down 4.9%.

Total Unit Sales – January-September 2023, 833 vs January-September 2024, 858; Up 25 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 – September 2024 – $2,202,083

Median Sale Price – September 2024 – $1,290,000

Unit sales for September 2024 totalled 72. That’s 28 units more than the previous month and up 25 units compared to September 2023.

We see the most unit sales for September 2024 then we’ve seen in the last few years, pushing the Muskoka waterfront market to the edge of a Sellers market.

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

The average number of days to sell a waterfront cottage in Muskoka in September 2024 was 51, a decrease of 4 days from September 2024. Properties in September sold for 95.4% of the listing prices; a 1.6% increase from last month.

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 – September 2024 – $628,104

Down 12% from last month

Down 9.5% compared to September 2023

The Muskoka residential market moves into a balanced market, with a 38% list to sold ratio and average sale price holding dipping month-over-month.

 Median Sale Price – September 2024 – $600,000

Down 6.9% from last month

Down 7% compared to September 2023

Unit sales for September 2024 totalled 64. That’s 17 more sales than last month and 8 more than September 2023.

MUSKOKA RESIDENTIAL MARKET – DOM and Sale to List Price Ratio

The average number of days to sell a home in Muskoka in September 2024 was 64, an increase of 23 days from the previous month. In September 2023, selling a home in Muskoka took an average of 43 days.

The percentage difference between selling and listing prices is 98.2%, a 1.2% 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 2023 Year in Review blog, click HERE.

Statistics sourced from The Lakelands Association of Realtors®