By Caitlin Lundgren

NREMR: October 2023

Nanaimo Real Estate Market Report: October 2023

Nov 7, 2023 | 11:16 AM

NANAIMO – Interest rates impacting housing market.

In October, 67 single-family homes sold in Nanaimo, a 17 per cent decrease from September and down 7 per cent from the previous year. Active listings of single-family homes on the Mid-Island were 1,157 in October, down 15 per cent from the previous year.

The average price for a single-family home in Nanaimo was $865,655 in October, down 9 per cent from the previous month and 9 per cent from October 2022.

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 October 2023, as well as central and northern Vancouver Island:

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• Nanaimo’s benchmark price decreased to $802,500, on par with last month and a 2 per cent increase from the previous year.
• Campbell River’s benchmark price for single-family homes was $658,500, up 5 per cent from the previous year.
• Comox Valley’s benchmark price increased by 7 per cent from last year to $839,700.
• Cowichan Valley reported a benchmark price of $772,600, on par with October 2022.
• The Parksville-Qualicum area increased 2 per cent from the last year to $881,700.
• Port Alberni’s benchmark decreased 2 per cent from last year to $509,200.
• The North Island area decreased 6 per cent from last year to $412,000

The monthly Nanaimo Real Estate report analyzes the Vancouver Island Real Estate market north of the Malahat and, more precisely, the Nanaimo and the 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