2024 was a bounce back year for real estate in Northern BC.
In its year-end wrap-up, the BC Northern Real Estate Board reported 4,667 property sales last year worth $1.9 billion dollars – up from the 4,229 recorded in 2023 worth 1.7 billion.
Last year, 807 single-family homes came off the market in Prince George for an average price of $514,915.
That’s a noticeable increase when compared to 2023 where 677 units changed hands for a little over $500,320. The rebound is almost on par with 2022 where 831 transactions were made worth an average selling price of $524,204.
In total, 1335 properties worth $623.8 million were sold in 2024, compared with 1131 properties worth $511.9 million in 2023 within the northern capital.
In the area west of the by-pass, half of the 232 single-family homes sold in 2024, went for less than $460,000. As well, 27 apartment units and 61 townhouses changed hands last year. As of December 31st, there were 16 single-family homes available in this area of the City, compared to 45 at the same time last year.
East of the by-pass 39 apartment units, 9 half-duplexes, and 30 townhouses changed hands in 2024. The 175 single-family homes sold had a median value of $395,000. At the end of December there were 39 single-family homes available on par compared to the 41 the year prior.
In the Hart, 17 homes on acreage, 29 manufactured homes in parks and a further 53 manufactured homes on land came off the market. Of the 170 single-family homes sold, half were purchased for less than $547,500.
As of December 31st, 31 single-family homes were available compared with 23 at the end of 2023.
In College Heights, 10 half-duplexes, 32 townhouses, 6 homes on acreage, 9 manufactured homes in parks and a further 11 manufactured homes on land went in 2024. Half of the 223 single-family homes that came off the market in 2024 went for less than $584,000.
At year-end, 31 single-family homes were on the market, down from 41 at the end of 2023.
Sales in the north during fourth quarter of 2024 ticked upward following strong activity in the previous quarter. At 1,096 sales on a seasonally adjusted basis, housing market activity was 2.7% above historical averages and 23% above the same level 12 months earlier.
There were 1,759 active listings at the end of December 2024 (seasonally adjusted), the region is roughly 25% below what the board considers to be a healthy, long-term level of inventory.
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