Cambridge Market Update for July 2024

Below, you will find a Cambridge Market Update for July 2024, which will provide information on the local real estate market and recent sales activity in your area. Don’t hesitate to contact us if you have any questions or if you are ready to move forward with the next step!

Cambridge Market Update for June 2024

The Numbers

Inventory in Cambridge saw a significant increase, with active listings up by 66% compared to July of last year and a 10% rise from June 2024. Sales have also taken a hit, dropping 16% year-over-year and 8% month-over-month. The average sale price has also softened, decreasing by 3% compared to both July 2023 and June 2024.

It’s normal to see a slowdown in sales and a softening of prices in July, but the drop is more pronounced this year.

Interest Rates

This could be temporary. July marked the second consecutive month of interest decreases, with interest rates down to 4.5% and more rate cuts expected to come this year. The following announcement is September 4th.

Opportunities

For the GTA and Cambridge markets, we expect sales to pick up from September through the end of the year as there is a lot of pent-up demand from those waiting for lower rates.

First-time buyers, families upsizing, and downsizers looking to maximize equity could all jump in. Even investors might act before prices rise again.
If you’ve been on the sidelines, this is your wake-up call.

I’m Trish Lewis with GoWylde Real Estate, passionate about helping people build wealth through real estate. Let’s navigate this market together.