It was a year of change and transition for Niagara’s real estate market. and despite the ups and downs, the price of an average home steadied at the end 2022. 

At its peak, the average price of a (three bedroom, two bathroom) was $825,300. In December, that number was $631,600, officially down 12% year-over-year. But when taking the last two years into account, including a 25.4% increase between 2020 and 2021 Niagara is still up, an increase of 13.4% overall.

Sellers are still trying to wrap their heads around this correction, while buyers try to stay ahead of rising interest rates as they sit on the sidelines. A more balanced, cautious, relaxed market is welcomed overall, with nearly 50 days on average it takes to sell a home.

2024 is shaping up to be a promising year for move-up, down-size, and move-over buyers, and all eyes and ears are just waiting for the right time to make their move. Thinking of making yours in the next few months? Reach out to the portfolio realty groups and let’s get you ready to take 2023 to the next level!