Windsor-Essex Market Report
2024 Fourth Quarter Update
Despite rising inventory and longer selling times, Windsor prices are up double digits from the fourth quarter of 2023, making it one of the best performing regions in the province
In 2023, Windsor & Essex County, like other real estate markets across the country, saw a continued slowdown in sales activity. Overall resale units sold were down 16% year-over-year and 36% from record levels set in 2021. Sales activity remained sluggish in 2024, with unit sales only up 3% from depressed levels in 2023. Nonetheless, the average price is up 11% year-over-year, greatly outperforming the province and more expensive GTA. The Canadian Real Estate Association (CREA), through its various real estate boards and provincial associations, compiles transaction data for each of its major markets, with the CREA Stats Centre reporting sales data going as far back as 1980. While historical stats should never be the sole indicator of what’s to come, they are helpful to review and consider as part of the broader context. In this year-end update, we'll outline latest transaction highlights for each community comprising Windsor and Essex County, as well as overall performance by property type.
An Introduction to Windsor & Essex County
Windsor, the start of the Quebec City-Windsor population corridor, is the seventh largest city in Ontario and the 15th largest metropolitan area in Canada. Directly across the river from Windsor is the American city of Detroit, with the two cities forming the largest and busiest trans-border urban area in North America. Windsor-Detroit experiences significant cross-border travel and tourism, as well as commerce, with the area well known for being the automotive capital of North America. Directly south of Lake St. Clair and 30 minutes north of the banks of Lake Erie, Windsor locals are a short drive from miles of beautiful waterfront and surrounding nature. However, despite close proximity to Detroit and a large economy of its own, homes in Windsor are significantly more affordable than other cities in Southern Ontario, with an average price in the fourth quarter of $574K.
45 minutes south-east of Windsor lies the town of Leamington and Point Pelee National Park, the southernmost point in mainland Canada. From there, driving up the peninsula along the shores of Lake Erie you will find the picturesque towns of Kingsville and Amherstburg, along with some of the most fertile and tropical landscapes in our country. For anyone who has spent time in Windsor and surrounding Essex County, they will be familiar with greenhouses and fruit stands, breathtaking escarpment views along the lakefront, and a growing number of wineries. The area is experiencing significant growth in recent years, with prominent new investment into the region from Canadian cannabis producers, the broader agricultural sector, as well as residential home builders. To the north and running along Lake St. Clair, the growing sub-market of Lakeshore rounds out the region, with the combined Windsor-Essex area recording 6% growth in population between 2016 and 2021.
Market Highlights: Windsor & Essex County
Across all communities included in Windsor & Essex County, the median sale price observed in the fourth quarter of 2024 was $525K, up 12% year-over-year. A quick note on median versus average values: median sale price, which reports the sale price of the middle-priced property in a group, is a more reliable metric than average sale price because it removes outlier transactions (i.e. properties that have sold for either a lot of money or for next to nothing). Outlier transactions skew the average from what it really should be, which is the price of the average, or mid-priced home, in a particular community. The same concept extends to selling times, with Windsor's average days on market currently at 29 days while the median listing is actually selling in 19 days to end 2024. A few select listings that sit on market for 100 days or more skews the average higher than what is actually happening for most resale properties.
Windsor-Essex has outperformed the province and most markets in Southern Ontario over the past 5 years. This can be widely attributed to the relative affordability of Windsor homes when compared to homes in these nearby markets. To compare Windsor’s performance against other major markets in the province, check out our article on Top Markets in Ontario here.
Part of what drove Windsor’s strong price growth during the pandemic was its shortage of housing supply available for buyers. At the end of 2021, Windsor-Essex was reporting 0.7 months of inventory, which meant that listed homes were selling in just under three weeks. Without new homes hitting the market, Windsor inventory would have disappeared in less than a month. When inventory levels are this low, prices have to rise on account of too many buyers bidding on too few properties. This leads to bidding wars and runaway prices, explaining part of why Windsor prices are double what they were 5 years ago. Over the trailing 5 years, Windsor-Essex has been a tight sellers’ market, with an average of two months of resale inventory.
Throughout 2022 and extending into 2023, multiple interest rate hikes resulted in a temporary cooling of the market, with Windsor-Essex ending 2024 with close to 4 months of available inventory, more than double the trailing 5 year average. During the first quarter of 2024, inventory dropped below 3 months before ticking back up in the second and third quarters and ending the year similar to levels a year ago.
Due to its low population density relative to the rest of Southern Ontario, over 90% of properties in Windsor-Essex are detached homes. Detached homes, as expected, are more expensive than the apartment and townhome segment, with fourth quarter median sale prices of $540K and $387K respectively. Through the fourth quarter, double digit price gains have been concentrated in detached properties with the apartment and townhome segment flat year-over-year. Supply of apartment and townhome properties has now increased to 7 months, more than double its trailing 5-year average and 3 months more than the detached segment which remains relatively balanced between buyers and sellers.
Community Overview
Windsor-Lasalle-Tecumseh
The city of Windsor is comprised of three main regions: Windsor, Lasalle, and Tecumseh. Windsor proper, which comprises the majority of neighbourhoods and its downtown core, has a population of 230K. Representing just over half of the total population within the Windsor-Essex region, Windsor is the service hub of the area, with major employers, healthcare and education services, retail shopping, and entertainment based there. Running along the Detroit river, the downtown Windsor harbourfront features the Caesar’s Casino and Entertainment district, as well as an abundance of riverfront parks and character neighbourhoods.
Running south down the river is the community of Lasalle, with a population of just over 30K. The riverfront community is less than 20 minutes from downtown Windsor, with its own residential core alongside an abundance of green space, river tributaries, and golf courses. In the opposite direction is the town of Tecumseh, located adjacent to Windsor’s west end at the mouth of Lake St. Clair. Tecumseh’s population of 23K is mainly based near the waterfront, although the town also comprises the sprawling rural area surrounding Windsor and its two main highways. These three sub-regions, most notably Windsor proper, each have multiple neighbourhoods within them and account for two-thirds of resale activity in Essex County. Given the wide variety of neighbourhoods, it’s important to speak with a realtor knowledgeable in your preferred location and property type in order to get a better sense of what – and where – you may be able to afford.
At 2023 year-end and continuing throughout 2024, resale inventory in Windsor-Lasalle-Tecumseh is lower than anywhere else in Essex County. Inventory increased in recent quarters but remains balanced at 4 months, with a median sale time of 19 days, 3 days slower than a year ago and 8 days slower than the trailing 5-year average. During the fourth quarter, Windsor-Lasalle-Tecumseh reported a median sale price of $505K, up 12% year-over-year.
Community Overview
Lakeshore & Area
The municipality of Lakeshore runs along the shores of Lake St. Clair, with the town centre of Belle River less than 20 minutes from Tecumseh and West Windsor. Alongside Belle River, Lakeshore is comprised of multiple small communities along the lake and throughout the interior, which is mostly rural landscape on both sides of the 401 highway.
The municipality of Lakeshore, while just over 10% of current resale activity, is the most expensive market in Windsor-Essex, with a median sale price of $643K in the fourth quarter. With a population of just over 40K, the Lakeshore sub-market has grown at close to twice the pace of the Windsor-Essex region. Compared to a year ago, median prices are up 14% with 1 month less inventory for buyers to choose from at 4.3 months. Median selling times fell drastically in the second quarter but increased in the second half of 2024, now up to 24 days and longer than anywhere else in Essex County.
Community Overview
Amherstburg
The town of Amherstburg is a 30 minute drive south of downtown Windsor, located along the Detroit River at the mouth of Lake Erie. Its population of 24,000 is mostly based in the town centre, although there are many small hamlets and rural communities nearby. Golf courses, wineries, and conservation areas dominate the surrounding landscape. It is second smallest sub-market in Windsor-Essex after Leamington, with 342 resale units sold over the last twelve months.
During the fourth quarter, Amherstburg reported a median sale price of $577K, down 7% year-over-year and underperforming all other regions. Alongside lagging price, inventory levels lead all Windsor & Essex County regions at 7 months in the fourth quarter. However, given Amherstburg's small sample size of resale activity, median prices can be deceiving - be sure to speak with a local realtor to understand how a specific property or neighbourhood may be performing year-over-year.
Community Overview
Kingsville & Essex
Moving further south past Amherstburg along highway 20 is the lakeside town of Kingsville, with the town of Essex fifteen minutes inland. Beyond these primary towns centres, the surrounding landscape is mainly agricultural, with a vibrant winery scene centered near Kingsville and along the waterfront. In total, this sub-market has a population of just over 40K, with just over 600 resale units sold in 2024.
Kingsville & Essex recorded a median sale price of $558K in the fourth quarter, down sharply from the prior quarter and up 19% year-over-year. With prices drastically more expensive in the luxury lakefront neighbourhoods of Kingsville when compared to the town of Essex and the surrounding rural areas, large swings in prices can be observed quarter-to-quarter due to changes in property mix across a small sample size of transactions. As always, speak with a realtor experienced in your market to get a more refined view on how demand may be shifting for a specific property.
During the peak of the market in 2022, inventory levels in Kingsville & Essex were much lower. Inventory was sitting above 6 months of supply to end 2023 and remains elevated at 7 months. At 21 median days on market, homes are taking a few days longer to sell than levels recorded a year ago, similar to the rest of Windsor-Essex.
Community Overview:
Leamington
Leamington, home to Point Pelee National Park and the Pelee Island Ferry Service, represents the most southern part of our beautiful country. It is also known by a few for being the Tomato Capital of Canada. Leamington can be reached from Windsor in 45 minutes along Highway 3, but if you prefer the scenic route, you can take the 90 minute drive along the Lake Erie waterfront. The scenic route passes first through Kingsville, with the surrounding neighbourhoods along the escarpment featuring some of the finest luxury properties in Windsor-Essex. In the opposite direction along the Point Pelee peninsula is the small town of Wheatley, with mostly rural properties, greenhouses, and farmland beyond the Leamington and Wheatley town centres.
Luxury homes aside, the average home in Leamington is relatively affordable, with a median sale price of $471K in the fourth quarter. Prices are up 13% year-over-year. At the end of 2023, inventory levels stood at 5.8 months with homes selling in 21 days. After inventory fell to 3 months to start 2024, supply levels have increased to 5 months, more than double the trailing 5-year average. Similar to Kingsville, Lakeshore, and Amherstburg, Leamington's small market can result in large swings in median price reported each quarter...speak with a realtor to better understand latest conditions for your specific property type and neighbourhood.
Archived Reports
Windsor & Essex County
Third Quarter 2024 Market Report
Second Quarter 2024 Market Report
Archived Reports
Windsor & Essex County
Third Quarter 2023 Market Report
Second Quarter 2023 Market Report
Summary
The Windsor & Essex County report will be updated on a quarterly basis. Every market is different, but understanding available inventory levels alongside recent price and market trends can help prospective buyers and sellers make more informed decisions. Subscribe to quarterly updates of the Windsor-Essex Market Report report by completing the contact form below.
Thank you for taking the time to read this article. As you contemplate the next steps in your real estate journey, there are a variety of helpful online resources you can leverage, such as realtor.ca, the Canadian Mortgage and Housing Corp, and historical sales data and market insights from leading real estate websites like Zolo, Royal LePage, HouseSigma, and Wahi.
