In March 2024, 553 homes were sold through the MLS® by the Niagara Association of REALTORS® (NAR), slightly down from 560 in March 2023. There were 1167 residential properties listed in March 2024, compared to 1046 the previous year. Homes sold in an average of 43 days, a 4.9% increase in selling time from March 2023.

"March was strong, with growth reflecting the market's recent upward trend. The HPI benchmark price increased over 2% from last month to $633,400, indicating a positive market shift. Buyers are becoming more aggressive, reducing the average selling time to 43 days from 54 days in January. It's important for buyers and sellers to work with a local Niagara REALTOR® to navigate the market," said NAR President Nathan Morrissette.

He added, "The Province and Niagara Region aim to build more housing by 2031. With expected improvements in market conditions due to lower borrowing costs, policies must support building more homes to meet these goals."

The MLS® Home Price Index (HPI) offers a more accurate price trend analysis than average or median prices. The overall HPI composite benchmark price for the Niagara Region was $633,400 in March 2024, down 1% from March 2023. The HPI composite benchmark typically describes a home aged 51 to 99 years, with three bedrooms and two bathrooms. More details can be found in the accompanying chart.