By Caitlin Lundgren

NREMR: May 2023

Nanaimo Real Estate Market Report: May 2023

Jun 9, 2023 | 9:18 AM

NANAIMO – More traditional Spring market returns

In May, 116 single-family homes sold in Nanaimo, up 23 per cent from April but down 15 per cent from the previous year. Active listings of single-family homes on the Mid-Island are on par with the previous year.

The average price for a single-family home in Nanaimo was $830,048 in May, an increase of 2 per cent from April, but a 7 per cent drop from last year.

In a competitive market, it is key to obtain the advice of a REALTOR®, especially in a rapidly changing environment.

These are the benchmark numbers for Nanaimo in May 2023, as well as central and northern Vancouver Island:

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• Nanaimo’s benchmark price decreased to $777,200, a 12 per cent decrease from last year.
• Campbell River’s benchmark price for single-family homes was $646,500, a 12 per cent decrease from the previous year.
• Comox Valley’s benchmark price decreased by 10 per cent from last year to $802,000.
• Cowichan Valley reported a benchmark price of $758,900, a decrease of 13 per cent compared to May 2022.
• The Parksville-Qualicum area decreased 9 per cent from the last year to $880,700.
• Port Alberni’s benchmark decreased to $520,700, a 13 per cent decrease from last year.

The monthly Nanaimo Real Estate report analyzes the Vancouver Island Real Estate market north of the Malahat and more precisely, the Nanaimo and greater area. The information included here does not reflect the actual value of any particular property. You can find out what your home is worth by contacting a RE/MAX of Nanaimo’s agents here.

Looking for listings? Start browsing Nanaimo’s Real Estate listings here

Want to know more? Find more Nanaimo Real Estate Market Reports here https://nanaimonewsnow.com/nanaimo-real-estate-market-report