Belleville Real Estate Surges in October: Sales Up 85% as Market Shows Resilience
Belleville’s real estate market showed its strength this October, delivering a sharp rebound in sales activity and steady price growth. With median sale prices ticking up and sales volume almost doubling year-over-year, the local market continues to defy broader economic uncertainties.
Sales Skyrocket by 85%
October recorded 61 home sales in Belleville—an 85% increase from just 33 sales in October 2023. This surge marks one of the most significant year-over-year jumps seen in recent months and reflects a combination of pent-up demand, increased market confidence, and a desire among buyers to lock in purchases ahead of the typically slower winter season.
While this dramatic year-over-year rise underscores a significant recovery in market confidence, sales did dip slightly month-over-month from September’s total of 65. The slight decline from September could reflect typical seasonal trends as the market moves into the quieter winter months. However, the substantial year-over-year growth highlights the broader trend of buyers returning to the market in force, supported by easing economic pressures and increased confidence following recent interest rate cuts.
Median Sale Prices Rise Steadily
Median sale prices climbed to $519,000 in October, a 1.8% increase from September and 3.8% higher than the same time last year. This modest but steady growth signals a market that has regained its footing after September’s 2.6% price dip.
The rise in prices is a reflection of continued buyer competition, even as higher borrowing costs remain a consideration. For many, Belleville’s market offers an attractive combination of affordability and investment potential compared to larger urban centers, keeping demand resilient.
Active Listings Tighten Slightly
Active listings dropped marginally to 230 in October, down from 237 in September. While not a dramatic shift, the decline suggests some sellers are choosing to delay listing their properties, perhaps waiting for the traditionally busier spring season.
Despite this, months of inventory remained steady at 3.8, highlighting the balanced nature of the current market. Neither buyers nor sellers hold a distinct advantage, keeping negotiations relatively even and price movements moderate.
Homes Are Selling Faster
The time it takes to sell a home is also improving, with average days on market decreasing to 36 in October from 38 the month prior. This small but meaningful change reflects a sense of urgency among buyers looking to finalize deals before the end of the year.
What’s Behind the Momentum?
Belleville’s strong October performance can be partially attributed to broader economic shifts. The Bank of Canada’s unexpected half-percent rate cut in late October sent a ripple of optimism through the housing market. This jumbo cut—the largest in recent memory—helped alleviate some of the affordability concerns for buyers and gave prospective homeowners renewed confidence in their purchasing power.
Speculation about another potential rate cut in December has further fueled activity, with buyers eager to secure homes before prices rise or competition intensifies. Combined with Belleville’s relative affordability compared to larger markets, the timing of these economic shifts has created a perfect storm for heightened demand.
A Strong Close to 2024
With the year drawing to a close, Belleville’s housing market is poised for a solid finish. The October sales surge highlights a resilient market, where steady demand and a balanced inventory keep activity robust. As winter approaches, all eyes will be on whether this momentum carries into early 2025, setting the stage for another dynamic year in Belleville real estate.
Is now the right time for you to buy or sell? Whether you’re looking to enter the market or capitalize on the growing activity, this surge in sales and stable pricing presents an excellent opportunity. Contact us today to discuss how you can take advantage of Belleville’s evolving real estate market!
