Total transactions climbed 20 per cent from the 2022 low of 56,133 to 67,202 in 2024, signaling a return of buyer confidence and market activity after a challenging period.
The most striking aspect of the recovery is how the market has reorganized around premium pricing. The $500K-$1M price range has become the market's backbone, demonstrating exceptional resilience throughout recent volatility. This segment now commands more than half of all transactions, with 37,259 sales in 2024 representing 55 per cent of total market activity. What was once considered mid-range pricing has become the new center of gravity for the entire market.
Meanwhile, the luxury segment above $1M has found its rhythm after the dramatic volatility of 2020-2022, when high-end sales surged to 40 per cent of the market before contracting. This segment has now settled into a sustainable 30-32 per cent share, with 21,620 transactions in 2024, suggesting affluent buyers have adjusted to current conditions and are participating at predictable levels.
The recovery's most concerning aspect is the continued weakness in affordable housing. The sub-$500K segment, which represented more than 50 per cent of transactions in 2015, now accounts for just 12 per cent of the market. While this segment showed a modest increase from 6,191 transactions in 2022 to 8,323 in 2024, this represents stabilization at a dramatically reduced scale rather than meaningful recovery.
