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House Prices Continue to Skyrocket in Oxford County

Thursday, 10 March 2022 at 13:49

The average price of homes sold in February according to the Woodstock-Ingersoll and District Real Estate Board was a record $877,731.

House prices continue to skyrocket in Ontario, and Oxford County is no exception.

The average price of homes sold in February according to the Woodstock-Ingersoll and District Real Estate Board was a record $877,731. This is up 35% from the same month of last year. 

The number of homes sold last month was 146 units, which is up 7.4% from 2021. 

President of the Woodstock-Ingersoll & District Real Estate Board Anthony Montanaro says residential sales haven't hit this level in the month of February in five years.

"We continued to see high demand for MLS® listed properties in February, despite the incredibly low level of inventory in our region."

Montaro says that even with the fresh influx of new listings last month, active listings at the end of February were hovering only slightly above the lowest level on record. 

"As a result, average prices continued their trek higher, while the MLS® HPI composite benchmark price crossed the $700K mark for the first time. With market conditions the way they are, it is reasonable to expect that the busy spring market will push the market balance further in favour of sellers and with a lack of available properties for buyers to choose from, there will be fierce competition for the few properties that do make it onto the market. It is reasonable
to expect that upward price pressure in our region will continue for the foreseeable future."

The average price of homes sold year over was $860,670, a substantial increase of 33.9% from the first two months of 2021.

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