In February 2024, the Niagara Association of REALTORS® reported that residential home sales through the MLS® totaled 519 units, marking an increase from 449 units in February 2023. The number of residential properties listed also rose significantly, with 1073 properties listed compared to 817 in February 2023. Despite this increase in activity, the average time it took to sell a home remained consistent at 48 days for both years.

Nathan Morrissette, President of the Niagara Association of REALTORS®, expressed optimism about the market's direction. He highlighted increases in new listings, sales, and the HPI benchmark price compared to January 2024, along with a decrease in the number of days on the market. Morrissette advised potential buyers and sellers to seek guidance from local Niagara REALTORS® due to the dynamic nature of the real estate market, emphasizing the importance of being prepared for opportunities, even amidst an upward trend.

The MLS® Home Price Index (HPI), which provides a more accurate representation of price trends compared to average or median measures, indicated an overall decrease of 2.6% in the HPI composite benchmark price for the Niagara Region, settling at $619,600 in February 2024 compared to February 2023.

The HPI composite benchmark represents a typical home aged between 51 to 99 years, featuring three bedrooms and two bathrooms. For detailed characteristics, refer to the accompanying chart.