What is happening in the New Brunswick Real Estate Market?

New Brunswick Real Estate Market Update 2024: What Investors Need to Know

The New Brunswick real estate market is going through some significant changes in 2024, presenting interesting possibilities for real estate investors. Here’s a breakdown of the latest trends and insights.

1. Big Increase in New Listings

• New Brunswick has seen a major increase in new listings this year, with a 13.3% rise year-to-date. This means there are more properties available than in previous years.
• Closed sales rose by only 9.3%, showing that while there are more homes on the market, they’re not selling quite as quickly.

Investor Takeaway: More listings provide investors with a wider selection. With more properties available, there’s often greater room for negotiating favorable deals, especially with motivated sellers.

2. Longer Days on Market

• Properties in New Brunswick are taking longer to sell, with the average days on market rising to 76 days in September 2024, up from 43 days in the same period last year.
• Despite this slower pace, homes are still achieving high prices, with median sales prices increasing by 14.8% year-over-year.

Investor Takeaway: The longer time on the market might reduce pressure on investors, allowing more time to carefully evaluate properties and secure good deals without rushing.

3. Strong Price Growth

• The median sales price in New Brunswick has climbed to $430,500, a 14.8% increase from last year. This trend reflects growing interest and rising property values in the area.
• Additionally, homes are selling at 106.3% of their asking price, showing that even with longer sale times, the market remains competitive.

Investor Takeaway: Rising prices are a positive sign for potential returns, particularly for buy-and-hold investors. The continued price growth suggests promising long-term gains.

4. Steady Inventory and Supply

• The inventory of homes in New Brunswick has remained stable, with months of supply only slightly decreasing to 4.4 months. This balanced supply supports steady price growth without creating an extreme shortage.

Investor Takeaway: A stable inventory level means a healthy market. For investors, this balance suggests reliable opportunities without an overheated market, providing a safer investment environment.

Final Insights for Investors

The New Brunswick real estate market offers a compelling mix of rising prices, more listings, and a balanced inventory. With properties taking longer to sell, investors have the opportunity to make careful choices and capitalize on the city’s upward price trend.

As New Brunswick grows, its real estate market could provide strong returns for investors interested in a stable and appreciating area.