Welcome to all Arnprior residents and real estate enthusiasts! We’re thrilled to present the latest Arnprior real estate market report for February 2024. In this month’s report, we delve into the key statistics that will keep you informed about the current state of the unique housing market in Arnprior.
Property Prices
The average sale price for a detached single-family home in February 2024 for Arnprior has been recorded at $662,791, reflecting a whopping increase of 54.47% compared to last year’s price of $429,083 for February 2023.
Days to Sell
When it comes to how long properties stay on the market, the average time in Arnprior for February was 70 days. This represents a slight increase of +2 days from last year in February 2023. The average Days to Sell in the same month five years ago in 2019 was 51, indicating a difference of +19 days.
Properties Sold
The market seems to be heating up with 15 properties sold in February 2024. This is a substantial increase from the same month last year, with a difference of +114.3%. Compared to five years ago, in February 2019, this marks a difference of +66.7%, indicating a thriving market.
Long-Term Market Growth
The last 5 years have been significant for Arnprior’s real estate. Sale prices for detached homes have skyrocketed from an average of $299,226 in 2019 to the present-day average sales price of $662,791 in February 2024. This represents an average difference of +7.5%, translating to an average equity increase of approximately $363,565 for detached single-family homes in Arnprior. The average sales price change varies across different types of properties, with bungalows witnessing an increase of +81.0%, 2-Story homes having an increase of +90.2%, and Row/Town homes seeing an increase of +79.2%.
Arnprior vs Ottawa
Comparing Arnprior to the broader municipality of Ottawa reveals some fascinating trends. As of February 2024, the average sale price for a detached single-family home in Ottawa stands at around $705,443, which is +6.4% more expensive than the Arnprior’s average price of $662,791.
Posted Mortgage Rates
Keeping abreast with mortgage rates, as of February 27, 2024, the interest rates for a 1-Year term stands at 7.84%, the 3-Year term is at 6.99%, and the 5-Year term is at 6.84%.
Conclusion
The Arnprior real estate market continues to show robust growth and activity, as evidenced by the significant increases in property prices, number of properties sold, and average equity gains over the past five years. Despite slight variations in days on market, Arnprior remains an attractive location for homeowners and investors alike. When compared to neighboring Ottawa, Arnprior offers a more affordable option while still experiencing steady appreciation. As we move forward, staying informed about mortgage rates and market trends will be crucial for those looking to buy or sell in Arnprior.
All real estate statistics have been obtained from data reported by the Ottawa Real Estate Board’s MLS System. We have curated our search criteria to ensure more accurate stats for smaller regions of Ottawa. All figures are believed accurate but may not be guaranteed – we are human after all!
