Average Kingston area home price nears $500k

The average price for a home in Kingston and area set a new record last month, reaching nearly half a million dollars.

The average price of homes sold in Kingston and area in the month of September 2020 was a record $491,156, rising 23% from September 2019, according to the Kingston and Area Real Estate Association (KAREA). On a year-to-date basis, the average price was $452,597, up 15.6% from the first nine months of 2019.

KAREA’s jurisdictional area includes the County of Frontenac (Kingston, North Frontenac Township, Central Frontenac Township, South Frontenac Township & Frontenac Islands Township), the County of Lennox and Addington (Greater Napanee, Stone Mills Township, Addington Highlands Township and Loyalist Township), the County of Leeds and all incorporated villages, towns and cities within the same geographic area.

“Kingston real estate market activity continued to set records in September,” said Dave Pinnell Jr., KAREA President. “Both home sales and new listings outperformed expectations this past month. The ongoing story for our region is the combination of better than expected demand for this time of year and low overall inventory continuing to contribute to upward price pressure. Average price in the month of September set a new all time record for the fourth consecutive month.”

Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association totaled 426 units in September 2020. This was a large increase of 33.5% from September 2019, and a new record for home sales in the month of September.

On a year-to-date basis, home sales totalled 3,092 units over the first nine months of the year, according to KAREA, which was a slight increase of 1.5% from the same period in 2019.

Active residential listings numbered 643 units at the end of September. This was a large decline of 37.5% from the end of September 2019, and overall supply is near the lowest level on record, according to KAREA.