Niagara Association of REALTORS®

The number of homes sold through the MLS® System of the Niagara Association of REALTORS® (NAR) totaled 473 units in March 2025. This was down sharply by 42.1% from March 2024.

Home sales were 50.8% below the five-year average and 42.6% below the 10-year average for the month of March.

On a year-to-date basis, home sales totaled 1,228 units over the first three months of the year. This was a substantial decline of 40.4% from the same period in 2024.

“March home sales dropped to the lowest level for this month since 2009 as more buyers move to the sidelines awaiting the fallout from the most recent round of tariff announcement coming out of the U.S.,” said Lisa Taylor, Chair of the Niagara Association of REALTORS® (NAR). “Our automotive sector will be exposed to some impact under the 25 percent tariffs imposed on non-CUSMA compliant vehicles and parts, as well as spillover effects from lower trading activity in general. On top of that we have an upcoming federal election at the end of April so there’s a lot up in the air now and many potential homebuyers don’t seem willing to commit to buying a home at this time.”

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $626,900 in March 2025, a modest decline of 1.5% compared to March 2024.

The benchmark price for single-family homes was $643,400, down modestly by 1.1% on a year-over-year basis in March. By comparison, the benchmark price for townhouse/row units was $601,500, a minor decrease of 1.6% compared to a year earlier, while the benchmark apartment price was $402,800, a moderate decrease of 7.8% from year-ago levels.

The average price of homes sold in March 2025 was $679,093, a moderate decrease of 4.9% from March 2024.

The more comprehensive year-to-date average price was $669,903, decreasing by 1.8% from the first three months of 2024.

The dollar value of all home sales in March 2025 was $321.2 million, a sharp decrease of 44.9% from the same month in 2024.

The number of new listings was down sharply by 12.5% from March 2024. There were 1,465 new residential listings in March 2025. This was the lowest number of new listings added in the month of March in five years.

New listings were 16.7% below the five-year average and 3.2% above the 10-year average for the month of March.

Active residential listings numbered 3,153 units on the market at the end of March, a minor increase of 1.9% from the end of March 2024. Active listings haven’t been this high in the month of March in more than a decade.

Active listings were 42.5% above the five-year average and 62.9% above the 10-year average for the month of March.

Months of inventory numbered 6.7 at the end of March 2025, up from the 3.8 months recorded at the end of March 2024 and above the long-run average of 2.8 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.