For homebuyers looking for the perfect mix of affordability, natural beauty and quality of life, the city of Sault Ste. Marie continues to stand out. This is great news for buyers and sellers, who are currently enjoying a pretty balanced market overall.
Home prices have remained stable, with minor fluctuations. “While some months saw slight increases in median prices, the overall trend reflects a balanced market where demand matches supply,” says local REALTOR® Kyle Scali.
As of November 20, 2024, the average list price for a single-family detached home in Sault Ste. Marie was $438,793. The median list price was $324,900, a year-over-year increase of about 1.3%, and the average days on market was 54.
Through Q3 2024, demand for single, detached homes was strongest in this $350,000 to $450,000 price range, according to the Sault Ste. Marie Real Estate Board. Homes in this price bracket spent the least amount of time on the market.
For buyers, this kind of stable market is a big advantage. It gives you time to make well-informed decisions without having to worry about impending dramatic price hikes. Scali’s advice is to focus on properties that align with your long-term goals—and to be prepared with pre-approvals to act quickly when the right opportunity arises.
For sellers who want to secure a timely sale, competitive pricing and effective marketing are key, especially in areas where there is high buyer interest. Scali suggests that sellers ensure their home is move-in ready and competitively priced in order to attract the most interest. Energy-efficient homes, properties with modern upgrades or desirable locations (near trails or the waterfront) are increasingly sought after, as are those with larger lots or outdoor amenities.
Homes in Sault Ste. Marie typically spend an average of 35 to 50 days on the market, depending on the property type. “This figure has seen little change recently, which indicates steady buyer interest,” says the REALTOR®. “Those fewer days on the market reflect the importance of pricing and presentation.”
The city offers several distinct advantages. It continues to attract attention for the affordability of its housing compared to other urban centres in Ontario and provincial averages. It also offers easy access to nature with the Great Lakes and the Hub Trail, and it has a reputation for being family-friendly with a low cost of living.
“I anticipate modest growth in the market heading into 2025, driven by ongoing demand and consistent interest in Sault Ste. Marie’s affordability,” says Scali. “However, economic conditions like interest rates and local job growth will play significant roles in shaping the market.”
Whether you’re buying or selling, partnering with a knowledgeable REALTOR® ensures you’ll be making informed decisions in this dynamic market.
For more detailed market insights, including up-to-date listings and resources, contact Kyle Scali of Century 21 Choice Realty Inc., for a no-obligation consultation or a FREE home evaluation.
Call 705-297-5866 or connect with him on Facebook.