2021 was a fantastic year for Niagara Region real estate. Despite the complications created by the Covid-19 pandemic, the region saw increased sales, record-breaking decreases in the amount of time a property was on the market, and a record number of transactions.
Regionally and at an individual city level, Niagara Region real estate boomed in 2021. With the market seasonality blurring due to the effects of the pandemic, this fruitfulness is expected to continue well into 2022.
We have taken a look at the facts and figures of our year in real estate and celebrated a few of the major success below.
Regional Statistics for Niagara Region Real Estate in 2021
At a regional level, Niagara Region real estate performed incredibly well. 2021 saw huge increases in sales, new listings, and prices month on month. In December 2021, 403 new listings arrived on the market compared with 393 in the same month of 2020.
In this same time period, the average price of residential property in the region increased from $535,600 in December 2020 all the way up to $720,200 in December 2021. The region also saw a massive drop in the number of days a listed property was on the market from 30 days in December 2020 to 22 days in December 2021.
Niagara Region Cities That Performed Well in 2021
From December 2020 to December 2021, there were some cities in the Niagara Region that performed particularly well too, smashing the national averages time and time again.
Here in St. Catharines, the real estate market was thriving in 2021. In December 2021, there were 112 new property listings in the city, up from 98 in December 2020. While sales dropped slightly from December 2020 to 2021, the average time a listed house was on the market dropped from 25 days in December 2020 to 19 days in December 2021.
Niagara Falls also performed well with an increase of five listings in December 2021 compared with December 2020, but where it particularly shone was in the average number of days on the market. From December 2020 when the average number of days was 34, Niagara Falls slashed that average in half, and in December 2021 a listing was only on the market for an average of 17 days.
Niagara-on-the-Lake almost doubled the number of listings in December 2021 compared with the same month of 2020. It also almost halved the average number of days on the market from 63 days in December 2020 to 34 days in December 2021.
2020 Versus 2021 for Niagara Region Real Estate
Though we’ve taken a look at the changes in one month from 2020 to 2021 at a regional and city level, it is the yearly statistics between 2020 and 2021 that really show how much Niagara region real estate improved.
In 2020, new listings in the Niagara region totaled 10,660 but by the end of 2021, they had reached a whopping 11,549 and the number of sales grew from 8,142 in 2020 to 9,329 in 2021. Prices increased by 34% while the average number of days a house was on the market decreased by an incredible 49.2%.
A Look Forward at the 2022 Real Estate Market
With the yearly growth from 2020 to 2021 showing the astounding performance of Niagara Region real estate market last year, it is now time to take a look at what’s in store for the future.
Projections show another positive year for Niagara Region real estate and we are staying optimistic too! Though house prices are set to increase, Niagara is a popular region and it is likely to buck the trend of deceleration that is projected for national real estate. Additionally, mortgage interest rates are set to remain low and with this being a huge factor in the success of 2021, we’re hoping these lowered rates will mean a successful 2022 also.
What is important to note is that the same conditions that made 2021 a bizarre but overall successful year for real estate in Niagara have not gone away. While the pandemic appears to be drawing to a close, currently, it is only the date on the calendar that has significantly changed for real estate.
Looking for a Trusted Realtor in the Niagara Region?
Are you on the lookout for a trusted and experienced realtor in the Niagara region? Get in contact without experienced team of realtors at Davids & DeLaat today. We can help you buy or sell a home in the Niagara Region and we have the local knowledge and experience to ensure you get the best outcome. Call us today!
Note: Statistics cited in this post are based on information sourced from Niagara Association of REALTORS®.