October Price Increases Slowed For Existing Homes

Chart shows that the average price for existing homes sold in October 2021 increased by 17% compared to a year earlier.

Existing Home Sales

Following almost 2 years of staggering increases in house prices, the average price for existing homes sold in the County during October 2021 was $777,000 compared with $662,000 a year earlier. This 17% increase was more in line with the historical increase in average prices of 12-15% per year. Inventory remained low by historical standards and homes continued to sell quickly with almost two-thirds selling for asking price or more.

Chart shows the new homes sales continue to increase in market share in Prince Edward County, achieving just over 20% during October 2021.

New Home Sales

New home sales continued to grow as a percentage of overall sales in the County. New homes made up just over 20% of all MLS home sales during October 2021. Given the prospective new homes in the development pipeline, this trend to increasing new home sales is likely to continue in the future.

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