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Fraser Valley Real Estate Market Update: December 2024 – A Year of Steady Changes

January 17, 2025 | Posted by: Michele Cummins


Fraser Valley Real Estate Market Update: December 2024 – A Year of Steady Changes

As we look back on 2024, the real estate market in the Fraser Valley has certainly been an interesting one. While it wasn’t marked by any dramatic price swings, it was far from uneventful. In fact, as Curtis Pope and I discussed recently on The RE/MAX Magnolia Real Estate Show, we’ve seen some significant shifts, especially when you consider that 2024 recorded the lowest sales in North America in 35 years. Quiet? Yes. Boring? Not exactly.

Looking at the December 2024 stats across different areas in the Fraser Valley, we can see that the market is settling into a balanced state, with modest price changes and steady activity. Let’s dive into the details for each region.

Abbotsford: Steady Gains in Detached Homes & Townhomes

  • Detached homes: The benchmark price for a detached home in Abbotsford increased by 2.8% year-over-year, reaching $1,195,000. Month-over-month, it saw a slight uptick of 0.2%.

  • Townhomes: Townhomes have performed similarly, with the benchmark price rising 2.7% year-over-year, to $654,500, and a small 0.5% increase from November.

  • Apartments: On the flip side, the benchmark price for apartments in Abbotsford dropped 0.5% year-over-year, staying flat month-over-month at $436,300.

East Abbotsford continues to see stronger price growth compared to Central and West Abbotsford, which is something to keep an eye on if you're looking at this area.

Mission: A Modest Growth for Detached Homes & Townhomes

  • Detached homes: Mission saw a 4.2% increase year-over-year for detached homes, with the benchmark price rising to $1,023,000. However, we did see a slight 0.3% decline month-over-month.

  • Townhomes: Townhomes in Mission have been on the rise as well, with a 4.5% year-over-year increase, bringing the benchmark to $682,700, and a 0.6% increase month-over-month.

  • Apartments: The apartment market in Mission has had a different story. While we saw a 2.1% year-over-year increase, the benchmark price dropped 1.2% from November, landing at $457,900.

White Rock/South Surrey: A Decline in Property Values

  • Detached homes: White Rock and South Surrey didn’t see the same upward movement as other areas. The benchmark price for a detached home here dropped 1.5% year-over-year, to $1,869,700, with a slight 0.1% dip month-over-month.

  • Townhomes: Townhomes in this area also experienced a decline, with prices dropping 2% year-over-year, now sitting at $932,000, and a 2.1% decrease from November.

  • Apartments: Apartments have had a similar decline, down 2.1% year-over-year, leaving the benchmark price at $610,000, with a 0.9% decrease month-over-month.

Langley: Modest Price Shifts

  • Detached homes: In Langley, we saw a small 0.6% year-over-year increase in detached home prices, bringing the benchmark to $1,606,500, though there was a 0.7% decrease month-over-month.

  • Townhomes: The townhome market showed a small 0.4% year-over-year increase, with the benchmark price sitting at $862,800, although there was a 0.5% month-over-month decline.

  • Apartments: Langley’s apartment market had a positive year, seeing a 0.9% increase year-over-year, reaching a benchmark of $599,900, though it experienced a 0.2% drop from November.

North Delta: Strong Year-over-Year Gains

  • Detached homes: North Delta showed some of the most impressive growth in detached homes, with a 4.7% year-over-year increase, bringing the benchmark to $1,415,000. There was a 0.9% decrease month-over-month, but the year-over-year gain is significant.

  • Townhomes: Townhome prices also rose, up 2.1% year-over-year, to a benchmark price of $950,400, although there was a slight 0.7% decline from November.

  • Apartments: The apartment market saw a 1.9% year-over-year drop, with the benchmark price at $559,000, and a 1.8% decline from November.

Surrey: Mixed Results Across Property Types

  • Detached homes: In Surrey, the benchmark price for detached homes rose 0.7% year-over-year, now sitting at $1,605,800, with a 0.2% increase from November.

  • Townhomes: Townhomes in Surrey had a small 0.3% increase year-over-year, with the benchmark price of $853,800, though prices dropped 1.3% month-over-month.

  • Apartments: Surrey’s apartment market had a slight 0.6% year-over-year drop, with the benchmark price at $524,800, down 0.3% from November.

A Balanced Market Across the Fraser Valley

To wrap things up, the Fraser Valley real estate market is now in a balanced state, with the sales-to-active listings ratio ending the year at around 16%. This is right in the sweet spot for a balanced market, which typically falls between 12% and 20%.

For anyone keeping an eye on the market, we’re seeing steady performance across the board, with moderate price increases and some declines in certain areas. While 2024 didn’t have the dramatic highs and lows we’ve seen in the past, it was still a year of adjustment.

As we head into 2025, we expect these balanced conditions to continue, with some areas seeing small increases in value while others adjust. If you’re thinking about buying, selling, or simply curious about how these numbers affect your real estate goals, feel free to reach out! I’m here to guide you through this ever-changing market.

In Summary: While 2024 may have been quiet in terms of dramatic price shifts, the Fraser Valley market remains balanced as we close out the year. Whether you’re buying or selling in 2025, staying informed on market trends is key. Reach out if you’d like to discuss your next move in the real estate world!

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