May 2024 Kingston Real Estate Market Update

More listings. More choice. Less forgiveness.

May is usually the month when spring activity peaks and momentum becomes obvious.

In Kingston this year, May didn’t deliver a frenzy. It delivered something more important: a clearly balanced market with consequences for poor strategy.

Buyers showed up. Sellers listed in force. And the data made one thing clear.

Choice has returned, and buyers are using it.

The big takeaway from May

Inventory rose faster than sales

May 2024 saw a meaningful increase in new listings, while sales activity remained measured. That combination continues the trend we’ve been watching since March: pressure is no longer one-sided.

The market is functioning, but it’s no longer covering up mistakes.

📊 By the numbers – May 2024 (Kingston & Area)

• Sales: 352 homes sold

• New listings: 858 homes listed

• Sales-to-new-listings ratio: ~41%

• Active listings: Continued to rise year-over-year

• Months of inventory: ~3.7 months

• Average sale price: ~$622,500

• Median sale price: ~$580,000

• Sale-to-list price ratio: ~98%

• Median days on market: ~21 days

What this tells us in plain language: buyers have options, homes are taking longer to sell, and pricing power has softened compared to the peak years .

What May tells us about buyers

Buyers are active, but no longer accommodating.

With more listings available, buyers are:

• Comparing homes more critically

• Walking away from “almost right” listings

• Expecting condition and price to align

Multiple offers are still happening, but they’re selective, not automatic.

If you’re buying, this market rewards preparation and discipline far more than speed.

What May tells us about sellers

May delivered a clear message to sellers.

The market will not negotiate for you.

Homes priced correctly are still selling.
Homes priced optimistically are sitting longer and losing leverage.

With inventory continuing to build, pricing accuracy and presentation matter more now than they did even earlier this spring.

Waiting for “more activity” to fix pricing rarely works in a market like this.

The pattern that’s now hard to ignore

January through March showed hesitation.
April showed balance.
May confirmed buyer leverage through choice.

This isn’t a weak market. It’s a rational one.

And rational markets reward people who adjust quickly and punish those who rely on last year’s playbook.

What this means heading into summer

If inventory continues to grow through June and July, the gap between well-priced homes and everything else will widen further.

Buyers will continue to be selective.
Sellers will need to be precise.
And timing will matter less than execution.

The biggest risk right now isn’t missing the market.
It’s misreading it.

Thinking about your next move?

If you’re buying, selling, or trying to decide whether to act this year at all, May’s data reinforces one thing: strategy matters again.

If you want to talk through how these numbers affect your situation specifically, I’m always happy to have that conversation. No pressure. Just clear, local insight grounded in real data.