Why Should You Invest In Hamilton Real Estate?
The market is balanced with condos and single-family houses attracting multiple offers and selling quickly. The prices of condos have seen stability while the cost of detached homes has dropped. Many young professionals are finding it more affordable to buy a condo in Hamilton, a city which offers proximity to Toronto and is less expensive than Toronto Condominiums.
Condo prices in Hamilton –
Prices of Hamilton condos have increased by 1% and now stands at 491,000 on an average, as of January 2024. In the previous year, the prices were $488,000.
– A 1-bedroom condo unit is priced at $463,000, showing an increase of 6%. In the previous year, the prices were $437,000.
– A 2-bedroom condo unit is priced at $550,000, showing an increase of 8%. In the previous year, the prices were $507,000.
– A 3-bedroom condo is priced at $423,000, showing a decline of 22%. In the previous year, the prices were $546,000.
Overall, the increase in real estate condos in Hamilton is 1%.
Townhome prices in Hamilton –
Overall, there is a 3% decline in the overall prices of townhome in Hamilton. The prices of townhome in Hamilton is $674,000. In the previous year, the prices were $691,000.
– A 2-bedroom townhouse is priced at $664,000, showing a decline of 18%. In the previous year, the prices were $812,000.
– A 3-bedroom townhouse is priced at $653,000, showing a decline of 2%. In the previous year, the prices were $667,000.
– A 4-bedroom townhome is priced at $849,000, showing a 1% increase in prices. In the previous year, the prices were $843,000.
Detached homes prices in Hamilton –
Prices of detached homes in Hamilton have also shown a sharp decrease of 33% in prices. The prices now stand at $869,000, as of January 2024. In the previous year, the prices were $1.3 million.
– A 2-bedroom detached home is priced at $588,000, showing a decrease of 3% in price. Last year, the prices were $604,000.
– A 3-bedroom detached home can be $$774,000, showing a sharp decline of 55%. Last year, the prices were $1.7 million.
– A 4-bedroom detached home is priced at 1.1 million, showing a 14% decrease in prices. Last year, the prices were $954,000.
– A 5-bedroom detached home in Hamilton is priced at $1.6 million, showing a 10% increase in prices. Last year, the prices were $1.4 million.
– A 6-bedroom detached home is priced at $853,000, showing as sharp decline of 32%. Last year, the prices were $1.3 million.
It is a good time to invest in a property in Hamilton because of decrease in prices, availability of amenities such as educational institutes, entertainment and recreation, and a strong local economy. Hamilton has many different neighbourhoods where each area has ample services, schools, public libraries, recreation centres and grocery stores. Also see new Condos Newmarket.
If you look at the average residential price by area, you’ll find that the areas that continue to do well are from the Hamilton Bay to the escarpment. Hot areas for 2024 are Hamilton Centre and the Hamilton Mountain. Areas that have the maximum average selling prices are Flamborough, Ancaster, Burlington, Hamilton West, Dundas, Waterdown, Glanbrook, and Stoney Creek.
Steadiness in condo prices is good news for those who wish to purchase a condo unit in Hamilton for living and investment, as it indicates stability in the market brought about by consistent demand and sale.
Price:From the $400’sStoreys:30Developer:Rosehaven HomesAddress:71 Rebecca St, Hamilton, ONAdded to Compare ListCompare