Cambridge Market Update for May 2024

Below, you will find a Cambridge Market Update for May 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 May 2024

The Numbers

There were 173 sales, a 9% decrease from May 2023 but a 3% increase from April 2024. Active listings rose significantly by 80% year-over-year and 24% month-over-month, reaching 378.

Interest Rates
Inflation was up in May, so some are expecting rates to hold at 4.75% until September. We’ll get the employment numbers for June on July 5 and inflation figures on July 16, which will significantly influence the BOC’s decisions.

Opportunities
So, what does all this mean? If you’re selling, expect that your home may sit on the market for a while before you find the right buyer. Some homes are selling fast, but that’s not the norm right now.

Your home must show well and be priced competitively. If you’re thinking of buying and selling, sell your current home first, or you might end up regretting it.

Buyers, this market is in your favour. Prices are down from last year, and so are interest rates. There’s plenty of inventory, allowing you to find some great deals.