Durham, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $740,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.2% |
| Stock on market | 1.0% |
Apartment
| Median price | $450,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 3.0% |
| Stock on market | 1.5% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $620,000 |
| 3 bedrooms | $740,000 |
| 4 bedrooms | $860,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $400,000 |
| 2 bedrooms | $450,000 |
| 3 bedrooms | $500,000 |
Demographics
| Current Population (2024) | 16,500 |
| Previous Population (2019) | 16,000 |
| Population Change | 3.1% |
| Total Private Dwellings | 7,500 |
| Occupied Private Dwellings | 7,000 |
| Population Density (per km²) | 2.0 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The current real estate market in Durham, Ontario, is characterized by steady growth. With a median house price of $740,000, the market has experienced a year-over-year increase of 4.2%. Similarly, the median apartment price stands at $450,000, which indicates a slightly lower but still positive growth trend at 3% year-over-year. The population of Durham is approximately 16,500 and is growing at a rate of 3.1%. This demographic expansion suggests a continued demand for housing, potentially leading to sustained price increases and market activity.
Investment Opportunities and Potential
The consistent price appreciation in Durham’s housing market indicates robust investment opportunities. Investors may find the rising median prices attractive for long-term capital gains. Single-family homes are particularly appealing given their higher year-over-year percentage increase compared to apartments. Furthermore, with an ongoing population growth rate exceeding 3%, rental properties could also offer strong returns as demand for housing escalates alongside the population increase.
Future Market Outlook
The future outlook for Durham’s real estate market remains optimistic. Assuming that current trends continue, investors can expect further property value appreciation due to the high demand driven by population growth. However, potential buyers should stay informed about local economic developments and any changes in interest rates or government housing policies that could affect market dynamics. Vigilance and timely action will be key in leveraging the potential of Durham’s real estate market.
