A Quick December Market Update - Halifax Real Estate

The Halifax real estate market is wrapping up the year with a mix of promising trends and a few challenges. As we dive into the November numbers, we’re seeing some strong performance in the single-family home sector, while condos are also gaining traction. Here’s your quick Halifax real estate market update for the month. 

Single-Family Homes: Steady Growth in Sales and Values

Single-family homes in Halifax have had another strong performance in November, with sales up 25% compared to the same month last year. Year-to-date (YTD) sales have also increased by 12.5%, showcasing consistent demand throughout 2024, aided by the government alleviating the stress caused by high interest rates. The average price of a single-family home now stands at $597,316, reflecting the ongoing lack of inventory in Halifax’s real estate market.

The number of homes for sale remains limited, with just 2.5 months of supply, keeping the market firmly in seller’s territory. Buyers are motivated, with homes selling at a 99.8% of the list price. If you’re considering selling, now is a great time to start planning that move, with busier months ahead. 

Condos: A Mixed Bag but Encouraging Signs

The condo market is seeing a bit of a rebound. While YTD sales are down by 3.1%, November brought a 22.5% increase in sales compared to last year, signaling renewed interest in this segment. The average price for a condo in Halifax has reached $491,334, again limited by supply, with buyers looking to simplify their lifestyles or to take advantage of services near urban centers.

Condos are also benefiting from relatively low inventory, with 2.8 months of supply. Halifax condos are selling on average, at 98.7% of the list price.

What Does This Mean for Halifax Buyers and Sellers?

For sellers, both single-family homes and condos are performing strongly, with high demand and competitive pricing. Low months of supply suggest that properties are moving quickly for top dollar. Listing your home in the next few months provides an excellent opportunity to maximize your property value. 

For buyers, while home prices are on the rise, the Halifax market still offers excellent value compared to other Canadian cities. Halifax homes may seem expensive today, but market conditions suggest prices will be even higher by this time next year. Staying informed and working with a knowledgeable local agent will be key to navigating the Halifax real estate market. 

Looking Ahead

As we move into the final month of the year, it’s clear that Halifax’s real estate market remains active, buoyed by government intervention - buying programs, rule changes and lower interest rates. Whether you’re buying or selling, understanding the latest trends will help you make the most of your next move.

Stay tuned for more updates in 2025! If you have questions or need assistance, in the meantime feel free to reach out – Chris Perkins is an expert in the Halifax real estate market and is here to help!