The Windsor-Essex County Association of Realtors (WECAR) is out with its fall 2024 outlook.
The association is forecasting a more stable market driven by the Bank of Canada's recent interest rate cuts.
Speaking on AM800's The Shift, WECAR president Maggie Chen says they hope to see the key interest rate come down to around 3 or 3.25 per cent.
"At that time we will see the probably more visible impact in terms of affordability, in terms of more activity in this market. So what we could see now is that a steady, a stable market all the way through the end of 2024 and going in to 2025."
She says back in 2021-22, they were seeing homes sell within days of weeks of being listed, but now they have noticed it's taking much longer.
"Now a lot more people are getting used to [being] in the market for one month, two months, even up to three months and depends what price point we're at. If the property price is over $1 million, you might see it stay in the market for over four to six months."
Chen says the average year-to-date sale price is around $575,000.
"The hottest commodity right now, as of the property, is anything around the average sale price, which around $575,000, anything under there or a bit over, they are hot commodities."
WECAR reported in increase in home sales for August, up 0.22 per cent compared to August 2023.
The association says a total of 463 homes were sold last month in the region.