Cambridge Market Recap & Predictions For 2024

Below you will find a Cambridge Market Recap & Predictions For 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 Recap & Predictions For 2024

As 2023 came to a close, the real estate scene in Cambridge slowed down. We wrapped up December with 78 sales, which is a 13% bump from the previous year, but still on the low side. The market also saw more options, with 217 active listings—an increase of 44% compared to last December.

Despite the slower sales pace in 2023, our average sale price for December climbed by a solid 9% compared to December 2022.

Breaking it down by property type, detached homes increased by 8% in December, townhouses saw a 10% boost, and condominiums took a more significant leap with a 30% increase. However, it’s worth mentioning that only four condos changed hands in December, and the mix of affordable versus luxury condos sold played a role in that seemingly high price increase.

On January 24th, the Bank of Canada decided to keep the rate at 5% for the fourth time. When interest rates eventually start to drop, we expect potential buyers who’ve been hanging back to jump into the market, creating more demand. I predict prices will continue to rise steadily in the coming months. However, I anticipate a change in quarter 2, as the BOC will likely reduce interest rates. RBC forecasts three interest rate drops by the BOC next year.

I am Trish Lewis with GoWylde Real Estate, a group of real estate professionals passionate about helping people grow their wealth through real estate.