The average home price in Chatham-Kent has increased by more than $100,000 since last year.
According to the Chatham-Kent Association of Realtors, the average price of homes sold last month was $457,160, which is an increase of 26.5 per cent compared to January 2021.
“Average price levels continue trending at or near historical peaks as demand remains incredibly strong due to many people relocating from larger city centres. This contributes to the fact that listing levels are at their lowest ever,” said Amber Pinsonneault, president of the realtors association, in a news release.
The number of active listings in Chatham-Kent was at its lowest level in more than three decades, with only 62 residential listings on the market at the end of January. This amounted to a 4.6 per cent decrease when compared to last year.
A total of 103 homes sold last month, four sales less than in January 2021.
“With market tightness unlikely to see any relief in the near future, it will be interesting to see what, if any, impact rising rates will have once spring begins,” said Pinsonneault.