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Home Prices Continue to Skyrocket in Oxford County

Monday, 11 April 2022 at 05:38

The Woodstock-Ingersoll & District Real Estate Board says the average price of homes sold last month was about $756,000 in March.

WOODSTOCK/INGERSOLL - Home prices continue to rise in Oxford County. 

The average price of homes sold last month in the Woodstock-Ingersoll & District Real Estate Board was around $756,000, a jump of 34.6% from March of last year. 

Year over year, the benchmark of house prices have gone up over 33% in the region. Last month the Real Estate Board had 200 units sell, which is down just 2 percent from March 2021. 

President of the Woodstock-Ingersoll & District Real Estate Board Anthony Montanaro says on a year to year basis, home sales totaled 462 units, which is up 14% from this time last year.  

"MLS® home sales posted the third highest total on record for the month of March, driven, at least in part, by the welcome influx of newly listed properties during the month." 

He says it is too early to say what kind of impact rising interest rates could have in our market. 

"This infusion of new listings also helped to buoy overall inventory, pushing active listings above 100 for the first time since last fall. Despite the increase of available homes, the seemingly endless demand is maintaining upward pressure on prices resulting in yet another year-over-year percentage gain for the MLS® HPI Composite Benchmark price in the mid-30% range. Only time will tell how the expected rise in interest rates will impact our local market, but rest assured we will be monitoring our region very closely to identify definitive trends that may provide insight in the usually busy spring market and beyond." 

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