Thunder Bay Real Estate Board

Sales of single detached homes in the City of Thunder Bay numbered 119 units in May 2025. This was a substantial gain of 56.6% from the same period in 2024.

Single detached home sales were 17.1% above the five-year average and 13% above the 10-year average for the month of May.

On a year-to-date basis, single detached home sales totaled 322 units over the first five months of the year. This was a gain of 5.9% from the same period in 2024.

“Sales across the entire board surged in May, with single detached homes in the City of Thunder Bay seeing a significant increase from the previous month. New listings board-wide nearly doubled from April’s total and now sit above the long-term average.” said Spencer Smith, President of the Thunder Bay Real Estate Board. “Notably, the average price of single detached homes broke the $400K mark for the first time on record, while the median price in the City of Thunder Bay also hit a new high. With market momentum building and plenty of available homes to choose from it is a great time to connect with a REALTOR® who will help navigate the existing market conditions in the community you are interested in. They can provide tailored information that will help you make an informed decision.”

The median sale price for single detached homes sold in May 2025 was a record $400,000, up by 8% from May 2024.

The more comprehensive year-to-date median price was $375,000, an increase of 8.6% from the first five months of 2024.

Single detached properties spent less time on the market before selling in May 2025 than they had a year earlier. The median number of days on market for single detached home sales was 13 in May 2025, down from the 15 days recorded in May 2024.

The dollar value of all single detached home sales in May 2025 was $55.1 million, a jump of 88.4% from the same month in 2024. This was a new record for the month of May and was also the largest dollar value of homes sold for any month in history.