Are the Kingston home prices falling just like the fall leaves? Let’s have a look. Here’s your September 2022 Kingston real estate market recap for September 2022.
- Kingston had 124 residential transactions in September, which is down from the 145 we had in August. Year to date, we are down 18% compared to the same time period last year.
- We averaged 27 days on the market in September, a climb from the 22 we saw in August. Year to date, we are still down 2% in comparison to 2021.
- The average sale price stayed steady at $618,000 in September, the same average sale price we saw in August. However, the average sale price year to date is up 14% compared to the same time period last year.
RE/MAX brokers and agents anticipate that the housing market in the final quarter of 2022 will still feel the effects of economic uncertainty, high inflation, and rising interest rates. This could result in a decline in prices and hesitancy among potential buyers to enter the market. The Canadian housing market can expect a 2.2% ease in prices in the last months of 2022, and Kingston prices may drop by up to 5%. However, it is still possible for the economy to stabilize, leading to increased confidence and activity in the housing market. Click here for the full report on RE/MAX’s Canadian Housing Market Outlook: Fall 2022.
That’s your recap for today. 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.