The Halifax housing market has been buzzing with activity, and 2024 is no exception. New construction homes are popping up across the region, offering a range of options for homebuyers seeking modern amenities and contemporary designs. If you're considering buying a newly built home in Halifax, understanding the current market trends can provide valuable insights into pricing, home sizes, and selling timeframes.

Analyzing New Builds in 2024

As of year-to-date 2024, several key builders have been actively contributing to Halifax's growing inventory of new homes. While there are 57 builders listed on MLS, our focus zeroes in on 13 major players who are shaping the local landscape. These builders not only offer some of the most attractive properties but also give us a snapshot of market trends that buyers and investors need to know.

Key Builders and Their Performance

Here is a breakdown of the top builders by total homes sold, average price, average size, price per square foot, and days on market (DOM):

• Almadina - 27 homes sold, average price of $657,904, 2299 sq ft, $288 per sq ft, 18 DOM
• Amara - 12 homes sold, average price of $624,790, 2143 sq ft, $294 per sq ft, 33 DOM
• ATN - 23 homes sold, average price of $619,921, 2132 sq ft, $292 per sq ft, 23 DOM
• Cresco - 47 homes sold, average price of $910,406, 2781 sq ft, $328 per sq ft, 48 DOM
• FH Development - 19 homes sold, average price of $657,292, 2227 sq ft, $295 per sq ft, 19 DOM
• Gerald Mitchell - 15 homes sold, average price of $879,420, 2705 sq ft, $335 per sq ft, 15 DOM
• Highgate - 11 homes sold, average price of $575,317, 2227 sq ft, $258 per sq ft, 11 DOM
• Integrity Homes - 26 homes sold, average price of $558,829, 2144 sq ft, $263 per sq ft, 26 DOM
• Marchand - 47 homes sold, average price of $770,104, 2359 sq ft, $338 per sq ft, 47 DOM
• Provident - 18 homes sold, average price of $695,636, 2475 sq ft, $281 per sq ft, 19 DOM
• Ramar - 42 homes sold, average price of $703,795, 2333 sq ft, $309 per sq ft, 42 DOM
• Rooftight - 42 homes sold, average price of $786,950, 2579 sq ft, $306 per sq ft, 41 DOM
• Stonewater - 11 homes sold, average price of $732,226, 2683 sq ft, $274 per sq ft, 41 DOM

Market Averages

• Total Homes Sold: 340
• Average Price: $705,584
• Average Size: 2391 sq ft
• Price Per Square Foot: $297
• Average Days on Market: 29

In comparison, across all 57 builders listed on MLS, the average price is slightly higher at $732,626 with an average size of 2429 sq ft and $304 per square foot. However, the average days on market stretch to 89 days, indicating that homes from smaller builders or those less known may take longer to sell.

Understanding Buyer Behavior in 2024

Buyers in Halifax are demonstrating increased price sensitivity, with affordability being a significant factor in decision-making. This trend is driven by economic factors, higher interest rates, and the cost of living. However, with the implementation of new mortgage rules allowing for 30-year amortization periods, buyers may find a bit more breathing room. While it's uncertain if this will have a dramatic impact on the market, the potential for increased affordability could spur higher demand.

Price Per Square Foot: Where Value Lies

One key metric for homebuyers is the price per square foot. Builders like Highgate offer homes at $258 per square foot, making them some of the most affordable on the list. On the higher end, Marchand homes average $338 per square foot, reflective of their larger lot sizes and premium finishes.

How Long Are Homes Staying on the Market?

Days on Market (DOM) provides insight into how quickly homes are selling. In 2024, homes from Highgate, Gerald Mitchell, and FH Development are selling the fastest, with DOM averaging between 11 to 19 days. On the other hand, Cresco and Marchand homes are taking longer, averaging 47-48 days. This variance can often be attributed to price points and home sizes, as higher-end homes may appeal to a more selective buyer pool.

What to Expect for 2025

Looking ahead, market analysts predict that Halifax will continue to experience steady growth in the new home sector. Factors such as increased migration to Nova Scotia, ongoing development projects, and greater flexibility in mortgage options will likely drive demand. However, builders may need to remain competitive with pricing and offer incentives to attract buyers.

Final Thoughts

For prospective buyers and investors, understanding Halifax's new construction market in 2024 is crucial for making informed decisions. With builders offering a diverse range of options at varying price points, there is something for everyone. As the market evolves and new policies come into play, keeping an eye on trends and acting swiftly could lead to securing a great deal in this growing market.