Burlington Real Estate Statistics for December 2024

December 2024 Real Estate Market Statistics

The Cornerstone Association of REALTORS® (Cornerstone) recently released its December 2024 real estate market statistics, offering valuable insights into the year’s real estate trends. This report breaks down the data and provides a detailed analysis of the Burlington real estate market, including sales, inventory, and price trends.

Key Takeaways from the 2024 Real Estate Market

In 2024, higher interest rates and economic uncertainty significantly impacted the real estate market. According to Cornerstone, slower sales during the spring season offset improvements seen later in the year as interest rates began to ease.

Total Residential Sales: There were 10,210 residential real estate sales across the Cornerstone market area in 2024. While this reflects a slight increase compared to 2023, it marks a 26% decline compared to long-term trends.
Buyer Confidence Returns: “As interest rates trend downward, some homebuyers are taking advantage of the current selection of homes available. While the recovery has been gradual, improving rates have reignited interest, with many buyers feeling more confident about entering the market,” said Nicolas von Bredow, Cornerstone spokesperson for the Hamilton-Burlington real estate market.

Inventory and Supply Trends in 2024

Improved inventory levels provided more options for buyers in 2024:

3,000 Units Available: Throughout 2024, the Cornerstone market area had approximately 3,000 units listed for sale. This improved supply spanned various property types and price ranges, including more affordable options.
Price Adjustments: Despite a 1% decline in the average benchmark price, Cornerstone emphasized that current prices remain aligned with 2021 levels and are still 9% higher than the 2020 annual benchmark price of $651,425.

“Although prices have softened compared to the pandemic highs, the market remains resilient, offering opportunities for both buyers and sellers,” noted Cornerstone.

What’s Next?

In the next section, we’ll dive into the December 2024 Burlington real estate market, exploring key metrics such as sales, inventory, and average prices. Stay tuned for valuable insights into the latest market trends.

Burlington Real Estate Market: December 2024

The Burlington real estate market in 2024 mirrored sales levels from 2023 but remained below the area’s long-term trends. Increased new listings throughout the year drove inventory growth, leading to higher supply levels compared to the previous year.

“Burlington did not face the same level of oversupply as other areas in the region, preventing any significant change in home prices this year compared to last year,” noted Cornerstone.

Sales and Inventory Trends in December 2024

Key highlights from the December 2024 Burlington real estate market include:

Residential Sales: There were 101 residential property sales, a slight 1% decrease compared to December 2023.
Inventory Levels: A total of 421 active listings marked a 35.4% increase year-over-year, providing more options for buyers.
New Listings: December 2024 saw 92 new residential listings, reflecting a 26% increase from the previous year.

Average Price Trends

The average price for a residential property in Burlington was $949,656, a 9.5% decline year-over-year. Despite this drop, Burlington’s market remained relatively stable, thanks to balanced supply and demand.

Up Next: Analyzing Property Types

In the next section, we’ll explore the various property types available in Burlington, focusing on average prices, sales, inventory levels, and more. This analysis will provide a deeper understanding of the December market and potential trends heading into the future.

Different Property Types in the Burlington Real Estate Market

The Cornerstone Association of REALTORS® (Cornerstone) provided a detailed analysis of the different property types available in the Burlington real estate market. This breakdown offers insights into sales, inventory levels, average prices, and more.

While all property types reported sales below long-term trends, there were notable gains in semi-detached and row-style properties compared to the previous year. Despite increasing inventory levels, these property types maintained low months of supply, with less than two months of inventory available.

Conversely, apartment-style properties had the highest months of supply at nearly four months, and they were the only property type to experience a decline in prices.

Property Type Breakdown: Sales, Inventory, and Average Price

Detached Properties

Average Price: $1,300,530 (-2.4% year-over-year)
Sales: 39 (-23.5% decrease)
New Listings: 34 (+25.9% increase)
Inventory: 194 units (+25.2% increase)

Detached properties had the highest inventory levels in December 2024, providing a range of options for buyers despite declining sales.

Semi-Detached Properties

Average Price: $926,925 (-1.6% year-over-year)
Sales: 8 (+33.3% increase)
New Listings: 6 (+500% increase)
Inventory: 13 units (+160% increase)

The semi-detached segment showed strong sales growth and an unprecedented spike in new listings.

Row-Style Properties

Average Price: $796,142 (-15.4% year-over-year)
Sales: 26 (+36.8% increase)
New Listings: 21 (+61.5% increase)
Inventory: 63 units (+28.6% increase)

Row-style properties saw a significant decline in average prices, but sales and new listings posted impressive growth.

Apartment-Style Properties

Average Price: $609,982 (+3.4% year-over-year)
Sales: 28 (+12% increase)
New Listings: 31 (no change)
Inventory: 151 units (+57.3% increase)

Apartment-style properties were the only segment to report an increase in average price, despite rising inventory levels.

Insights and What’s Next

The Burlington real estate market in December 2024 showcased a mix of trends across property types. While semi-detached and row-style properties gained momentum, detached homes and apartment-style properties revealed divergent pricing and inventory trends.

In the next section, we’ll provide a summary of the key statistics shared in this blog post and explain how you can reach out to the VanDinther Team for expert assistance with all your real estate needs.

Regional Summary Recap: December 2024

Burlington’s real estate market is divided into distinct areas, each with unique trends and performance metrics. Below, we’ve included a chart provided by Cornerstone Association of REALTORS®, highlighting the average prices, sales, new listings, and other key data for each area in December 2024, along with whether those metrics increased or decreased.

It was noted that market conditions varied across Burlington:

Sales saw increases in areas 31, 32, 33, 34, and 38.
However, gains in supply relative to sales led to higher months of supply across all regions.
Burlington 32 and Burlington 34 maintained months of supply below two, contributing to stable or modest price improvements for the year.

This regional breakdown highlights the diverse conditions across Burlington in December 2024, offering valuable insights for buyers and sellers alike. For personalized advice tailored to your specific needs, don’t hesitate to contact the VanDinther Team.

Looking Ahead: Contact the VanDinther Team

Ready to make your next move in the Burlington real estate market? Look no further than the VanDinther Team—a team of experienced and dedicated real estate professionals committed to helping you achieve your goals.

Contact The VanDinther Team Today

With a wealth of data and insights shared in this blog, we understand it can feel overwhelming. That’s why the VanDinther Team is here to provide personalized advice, answer your questions, and guide you through every step of your real estate journey.

For expert guidance and support for all your real estate needs, reach out today:

Direct: 905-330-2002
Office: 905-632-2199
Email: info@loriv.com

Whether you’re buying or selling, Lori and her team bring years of experience and a client-focused approach to ensure your move is a success. For a more in depth look at these statistics take a look at the report here: Burlington December 2024 Real Estate Statistics.