Belleville May Market Update

Spring has brought a surge of activity to the Belleville real estate market. Here are the key updates and trends from April that you need to know.

1. Surge in Sales:
April saw a significant increase in sales, with 93 properties sold. This represents a 50% month-over-month jump, marking a vibrant spring market.

2. Increase in Listings:
The number of active listings also saw a substantial rise, hitting 229 in April. This is a 150% increase from the previous month, indicating a rush of new properties entering the market.

3. Slight Increase in Inventory:
With the influx of new listings, the Months of Inventory metric has crept up slightly to 2.5 in April from 1.5 in March. While still indicative of a competitive market, this slight increase provides a bit more breathing room for buyers.

4. Faster Sales:
Days on market continues to decrease, now down to just 27 days in April, a significant drop from the peak of 53 days in January. Properties are moving quickly, reflecting high buyer interest and market momentum.

5. Stable Prices:
The median sale price remains steady over the last few months since January with $512,000 in April, a slight decrease of 2.2% from March. However, it is up 9.9% since November 2023, showcasing a strong recovery from the bottom.

6. Strong Rental Market:
Recent increase in quality of tenant applications has been making it easier for cautious landlords. Nicely renovated and new constructions rentals are in high demand.

Newly renovated duplexes, with 3-bed upper and 2-bed lower unit, are commanding strong rental rates, around $4,300 per month.

If you're considering buying or selling your property and are wonder what this market update means for you, feel free to reach out!

George Wang

REALTOR and Team Lead

Team George Wang

Century 21 Lanthorn & Associates

*Data based on CLAR monthly housing market reports.