When it comes to selling a home in Halifax, understanding the market is crucial. If you're thinking about listing your property, you're probably wondering: How many homes are selling? What's the competition like? And most importantly, how can you get the best price?

Let's break down the numbers from 2016 to 2024 and uncover the key trends shaping Halifax's real estate landscape.

A Look at Halifax's Real Estate Journey

Over the past eight years, Halifax's housing market has experienced significant growth. From rising median selling prices to shifting supply and demand, these changes tell a compelling story for sellers and buyers alike.

1. Rising Property Values: A Seller's Dream

In 2016, the median selling price for a home in Halifax was $270,000. Fast forward to 2024, and that number has climbed to $560,000 — more than doubling in less than a decade. This surge signals strong demand, making it an opportune time for homeowners to cash in on their investments.

Yearly Breakdown of Median Selling Prices:

• 2016: $270,000
• 2017: $274,000
• 2018: $280,000
• 2019: $304,545
• 2020: $347,500
• 2021: $439,900
• 2022: $509,000
• 2023: $529,950
• 2024: $560,000

Home prices saw their most substantial leap between 2020 and 2021, coinciding with increased demand during the pandemic.

2. Listings vs. Sales: Shrinking Inventory Means Competition

From 2016 to 2024, the number of homes listed for sale steadily declined, while the percentage of homes sold increased. In 2016, 53% of listed homes sold, but by 2021, that figure reached an impressive 94%. Despite a dip to 76% in 2023, the 2024 market is bouncing back at 78%.

Percentage of Homes Sold Each Year:

• 2016: 53%
• 2017: 59%
• 2018: 65%
• 2019: 78%
• 2020: 90%
• 2021: 94%
• 2022: 77%
• 2023: 76%
• 2024: 78%

What does this mean for you as a seller? Fewer listings translate to less competition, and with buyers vying for a limited pool of homes, your property could sell faster and at a higher price.

3. The Growing Pool of Agents: How to Choose the Right One

While home prices are rising, so is the number of real estate agents. In 2016, there were 671 agents in Halifax. By 2024, that number swelled to 1,529. Yet, the average number of deals per agent dropped from 12.7 in 2016 to just 1.3 in 2024.

This influx means more agents are competing for fewer transactions. To stand out, you need an agent who not only understands the market but also knows how to market your home effectively.

Why I’m the Agent for You

Navigating Halifax's evolving market requires a strategic approach. I don’t just list homes; I craft selling strategies tailored to market trends and buyer behavior. With extensive experience and a pulse on the latest data, I ensure your home gets the attention it deserves.

From professional photography and staging to aggressive online marketing, I make sure your property stands out. The data shows that buyers are choosy, and your home needs to shine to attract the right offers.

Mortgage Rates: The Balancing Act

Mortgage rates play a significant role in driving demand. Rates peaked at 5.8% in 2023, making borrowing more expensive, but they dipped back to 4.14% in 2024. As rates stabilize, more buyers are likely to return to the market, increasing competition for available homes.

Population Growth: More People, More Demand

Halifax's population has grown from 404,000 in 2016 to 423,000 in 2024. With more people moving to the area, demand for housing continues to rise. This population growth, combined with limited inventory, underscores the importance of listing your property with an experienced agent who knows how to leverage these trends.

Key Takeaways for Sellers:

• Timing Matters: Prices are climbing, and inventory remains tight. Now might be the best time to sell.
• Competition is High (for Agents): With more agents entering the market, you need someone with a proven track record.
• Buyers are Selective: Presentation is everything. Professional marketing makes all the difference.

Let's Get Your Home Sold

If you're considering selling your home in Halifax, let's talk. Together, we’ll craft a plan that maximizes your home's potential and gets you the best return on your investment. Reach out today for a consultation and let's make your real estate goals a reality.