Fraser Valley Real Estate: November 2024 Market Update

By Jayson Sidhu

Jayson Sidhu is a trusted real estate advisor with over 17 years of award-winning service in the North Delta and Surrey areas.

Is now the time to buy or sell in Fraser Valley? Let me break it down for you. If you’re watching the market closely, you know it’s been a year of ups and downs. But here’s the good news: buyer confidence is growing, and activity is picking up. Let’s dive into the latest numbers to help you make smart decisions.

Sales are steady, but slowing down. In November 2024, 1,136 homes were sold in the Fraser Valley. That’s a 15% drop from October’s surge, but sales were still 28% higher than last November. In fact, this November outperformed the past two years, signaling stronger buyer confidence. People are getting back into the market—slowly, but surely.

Listings and inventory are shrinking. New listings fell 26% last month, down to 2,367. This dip in new properties pushed the total inventory down by 8%, leaving us with 8,125 homes available. While that might sound tight, inventory is still 30% higher than last year. The market is balanced right now, with a sales-to-active listings ratio of 14%. (Balanced means we’re not in a buyer’s or seller’s market.)

What’s happening with prices? It’s important that you know the changes in prices so you can buy or sell at the best price possible. Here’s a breakdown of what’s been going on since last year:

Single-family homes: $1,482,600. This dropped 0.4% from October and 0.1% from last year.

Townhomes: $835,100. A small increase of 0.3% from October.

Condos: $536,100. Down 1.3% from October and 1.2% from last year. 

Prices aren’t swinging wildly. If you’re waiting for a big drop, it’s not happening. The market is holding steady. As we move into December, sales will likely slow down. That’s normal for this time of year. But here’s something exciting: lower interest rates and new mortgage guidelines will kick in on December 15. These changes could make buying easier for many in 2025. If you’re thinking about jumping into the market, now’s the time to start planning.

Buying or selling a home is a big deal. The Fraser Valley market is in a good place right now, but it’s important to act with confidence. If you need help in understanding the trends so you can make the right call for your goals, don’t hesitate to call or text me at (604) 805-5897. Together, we’ll make sure your next step is the best one.