Fraser Valley Market December 2024 Update: in Review
The Fraser Valley real estate market in 2024 saw a mix of record-high listings and subdued sales, reflecting ongoing affordability challenges. With 35,698 new listings, a 10-year high, sellers remained active, but annual sales reached a 10-year low at 14,570—a decline of 24% below the 10-year average. Despite modest price adjustments, affordability remained the key barrier for many buyers.
The composite Benchmark home price closed the year at $965,000, down 2% year-over-year and 4% from its peak in March. December sales recorded a 19% increase over December 2023 but dipped 13% from November. New listings declined sharply by 46% from November to December, leaving the year-end market balanced with a sales-to-active listings ratio of 16%.
Looking ahead, affordability and buyer confidence remain critical for 2025. With interest rate cuts and new government policies to address housing supply, the stage is set for potential improvements in market conditions. For tailored insights into navigating this evolving market, connect with one of our experienced REALTORS® today! 🏡📉
Courtesy of the FVREB | Click here to view the full stats package.
