If you're in Kingston or the surrounding area and thinking about buying or selling real estate, this market update is for you.
February 2025. It was a month. It brought some big shifts in the local housing market, and with economic uncertainties, tariffs and elections, things are getting even more interesting. Stick around for the full breakdown, and don't forget to like, subscribe, and drop a comment on what you think the future holds for Kingston Real Estate.
In the city of Kingston, it was a slow month. Home sales were down 20% with 105 properties sold, and the average selling price dropped 7% to 606,000. Year to date, that average selling price is down 2.5%. However, lower prices have homes selling faster, with an average of 35 days on the market compared to 43 in 2024, and new listings are up 14%. So there's a lot more for buyers to choose from.
Gananoque is kind of fun. There were only eight homes that sold, but the average selling price was 1.2 million. So, does this mean that housing values have skyrocketed again? Well, no. One of those eight houses sold for 6.1 million, which is extraordinary. The stat that's probably better to look at in Gananoque is the median selling price, what was right in the middle, and that's 472,500. So, Gananoque is still an affordable option.
There's good news in Loyalist Township, even though the number of properties that sold dropped by 30%, the average selling price of 588,000 is up 6.72% in the month of February and up 4.8% year to date, and the average days on market in Loyalist has dropped from 56 to 27. So, homes are selling quickly.
In Greater Napanee. It was pretty much a flat month with 22 homes sold, which is exactly the same as in 2024. And the average selling price of 495,000 is pretty flat with last year. The difference is homes, as we're seeing across the board, are selling a little bit more quickly as buyers are coming to the market. So, in Napanee, on average, homes were on the market for 44 days.
South Frontenac has been slow to move, with a 20% decrease in the number of homes sold at 12, but the average selling prices increased by 11% to 525,000. This is the slowest market in the region right now at 61 days average on the market, and some of that may have to do with winter weather. Most of the homes in South Frontenac are rural homes, and we're expecting that that market's going to pick up now that the snow is starting to melt.
In Stone Mills, the number of properties sold was 12, which was a 20% increase over last year, but a 27% increase in the average selling price at 596,000 and a 50% decrease in the number of days on the market at 36.
So what does this mean for you? So, let's talk about what's affecting the market beyond our numbers. So there's tariff uncertainty and new trade policies and supply chain cost concerns are likely going to make home construction more expensive, which leads to higher home prices. It's a concern for buyers, it's a concern for builders. We've just had an election and there's another one that's coming in. Political uncertainty always plays a role. There are potential policy changes that could impact mortgage rates, affordability programs, and tax incentives for home buyers. And while interest rates have been dropping, we're anxious to see what happens when the Bank of Canada makes its announcement on March 12th.
So what does this mean for you? Well, buyers now might be the time to take advantage of some softer prices and with sellers, as we always say, pricing competitively is key, especially with more listings hitting the market.
The bottom line is that even in uncertain times, life goes on, and jobs change. We have babies, we get married, our circumstances change. So, let's talk about your circumstances and plans and how we can navigate this market together.
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If you've got questions, drop them in the comments or reach out to me directly for personalized advice.
Until next time, happy house hunting.