The 1st Quarter Edition (January-March) of our Kitchener, Waterloo, and Cambridge Detached Real Estate Market Report will examine:
- Number of Sales
- Average Sale Price
- Median Sale Price
- Price Per Square Foot ($/SQFT)
- Percentage Paid Over Asking Price
- Days on Market
Summary
Between January and March of 2024, a total of 704 single-detached homes were sold in the KW region, marking a slight increase from the 674 sales recorded in the same period in 2023. Upon closer examination and breaking down the numbers for each area, it becomes apparent that Kitchener recorded 337 home sales, Waterloo saw 149, and Cambridge experienced 218.
Regarding pricing, the average sale price for all residential properties across the Tri-Cities is as follows:
Average Sale Prices (Q1 2024):
- Kitchener: $919,100, an increase of 5.2% from Q1 2023.
- Waterloo: $1,012,778, an increase of 4.2% from Q1 2023.
- Cambridge: $822,005, a decrease of -2.0% from Q1 2023.
1- Year Trends
The analysis encompassed both monthly and quarterly data pertaining exclusively to detached homes in the Kitchener, Waterloo, and Cambridge areas. The quarterly graphs depict the average values for each quarter spanning from January 2023 to March 2024.
Average Sale Prices
Monthly
Quarterly
First Quarter (January-March) year-over-year change from 2023 to 2024:
- Kitchener: Year-Over-Year increase of 5.2% in Q1 2024 vs 2023.
- Waterloo: Year-Over-Year increase of 4.2% in Q1 2024 vs 2023.
- Cambridge: Year-Over-Year decrease of -2.0% in Q1 2024 vs 2023.
Median Sale Prices
Monthly
Quarterly
First Quarter (January-March) year-over-year change from 2023 to 2024:
- Kitchener: Year-Over-Year increase of +3.8% in Q1 2024 vs 2023.
- Waterloo: Year-Over-Year increase of 10.1% in Q1 2024 vs 2023.
- Cambridge: Year-Over-Year decrease of -0.4% in Q1 2024 vs 2023.
Number of Sales
Monthly
Quarterly
First Quarter (January-March) year-over-year change from 2023 to 2024:
- Kitchener: Year-Over-Year increase of +3.7% in Q1 2024 vs 2023.
- Waterloo: Year-Over-Year increase of +8.7% in Q1 2024 vs 2023.
- Cambridge: Year-Over-Year increase of +4.3% in Q1 2024 vs 2023.
Price Per Square Foot ($/SQFT)
Monthly
Quarterly
First Quarter (January-March) year-over-year change from 2023 to 2024:
- Kitchener: Year-Over-Year decrease of -1.7% in Q1 2024 vs 2023.
- Waterloo: Year-Over-Year increase of +1.7% in Q1 2024 vs 2023.
- Cambridge: Year-Over-Year increase of +1.5% in Q1 2024 vs 2023.
Percentage Sold Above Asking Price
Monthly
Quarterly
First Quarter (January-March) year-over-year change from 2023 to 2024:
- Kitchener: In Q1 of 2023, buyers paid on average 0.1% more than the asking price, while this year, we witnessed an increase of buyers paying, on average, 1.10% above the asking price.
- Waterloo: In Q1 of 2023, buyers paid on average 2.4% more than the asking price, while this year, we witnessed a similar trend with an increase of buyers paying 2.63% more than the asking price.
- Cambridge: In Q1 of 2023, buyers paid on average 1.5% more than the asking price, while this year, we witnessed buyers paying -0.10% less than the asking price.
Days to Sell (Average)
Monthly
Quarterly
- Detached homes are selling on an average of 10 days in Kitchener. This timeframe is up by 11.1% from Q1 2023.
- Detached homes are selling on an average of 15 days in Waterloo. This timeframe is up by 114.3% from Q1 2023.
- Detached homes are selling on an average of 11 days in Cambridge. This timeframe is up by 10.0% from Q1 2023.
All statistics gathered independently from Huron Perth Association of REALTORS®.
This publication is not to be copied or duplicated without the express written permission of Roxanne Finn.
This publication is not intended to solicit buyers or sellers currently under contract with a brokerage.
