The interest rate fest of 2022 continues with the most being another 50-basis point hike bringing the overnight rate up to 3.75%. Let’s have a look at the Kingston real estate market for October 2022 to see how transactions, days on market, and home prices are being affected.
Jordan Quaresma, Sales Representative with RE/MAX RISE Executives, Brokerage and Team Leader of the Quaresma Realty Group recaps the Kingston, Ontario real estate market for October 2022.
- Kingston had 101 residential transactions in October, making it the lowest monthly total we have seen all year. Transactions were down from the 124 we had in September and down 22% compared to the same time period last year.
- We averaged 25 days on the market in October, which is 2 days less than what we saw in September. Year to date, we are up 6% over the same time period last year.
- The average sale price for October was $615,000, which is slightly less than the $618,000 we saw in August and September. However, the average sale price year to date is up 13% compared to the same time period last year.
Despite the national headlines, the Kingston real estate market remains somewhat stable. Click here for an example of how different costs of buying a home in Kingston are affected by the lower home prices and higher interest rates that we are seeing now compared to earlier this year. As always, feel free to reach out with any questions or concerns.
That’s your recap for the Kingston real estate market for October 2022. Thank you for watching, and see you next month! We hope you found this helpful, be sure to follow our blog and like/subscribe to our channel on YouTube for more videos just like this.