By Levi Loughlin

NREMR: May 2024

Nanaimo Real Estate Market Report: May 2024

Jun 6, 2024 | 9:18 AM

NANAIMO – Inventory increases while sales continue to lag

In May, 100 single-family homes sold in Nanaimo, a seven per cent decrease from April and a twelve per cent decrease from the previous year. Active listings of single-family homes on the Mid-Island were 1,433 in May, up 47 percent from the previous year.

The average sale price for a single-family home in Nanaimo was $856,783 in May, up four per cent from the previous month and up three percent since May 2023.

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 2024, as well as central and northern Vancouver Island:

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• Nanaimo’s benchmark price increased to $815,900, on par with last month and a 4 per cent increase from the previous year.
• Campbell River’s benchmark price for single-family homes was $678,800, up 9 per cent from the previous year.
• Comox Valley’s benchmark price increased by 6 per cent from last year to $833,600.
• Cowichan Valley reported a benchmark price of $779,300, up 2 per cent from May 2023.
• The Parksville-Qualicum area increased 2 per cent from the last year to $896,400.
• Port Alberni’s benchmark increased 3 per cent from last year to $517,000.
• The North Island area decreased 1 per cent last year with a benchmark price of $424,600, the only decrease on the Mid-Island.

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