Welcome to all Barrhaven residents and real estate enthusiasts! We’re thrilled to present the latest Barrhaven real estate market report for January 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 Barrhaven.
Property Prices
One of the most closely watched aspects of any real estate market is property prices. The average sale price for a detached single-family home in January 2024 for Barrhaven has been recorded at $776,885. This represents a drop of -10.76% compared to last year’s price of $870,564 for January 2023.
Days to Sell
The average time a property was on the market in Barrhaven for January was 52 days, a decrease of 12 days from last year in January 2023. This suggests a cooling market when compared to 5 years ago in January 2019, when the average Days to Sell was 20, a difference of +32 days.
Properties Sold
Let’s shift our focus to the volume of real estate transactions in Barrhaven. In January 2024, 56 properties were sold. When compared to 63 properties sold in January 2023, we see a decline of -11.1%. Looking back 5 years, in January 2019, 64 properties were sold, indicating a decrease of -12.5% in property sales from January 2024.
Long-Term Market Growth
In the last 5 years, sale prices for detached homes in Barrhaven have increased from an average of $561,981 in 2019, reflecting an average equity increase of approximately $214,904 for detached single-family homes in Barrhaven.
Additionally, we can break this down further to note the growth for different house types. Bungalow prices increased by an average of $97,848 (+17.6%), 2-story homes by $210,683 (+46.2%) and Row/Town homes by $156,928 (+40.3%).
Barrhaven vs Ottawa
Comparing Barrhaven to the broader municipality of Ottawa, we find fascinating trends emerging. For instance, the average sale price for a detached single-family home in the municipality of Ottawa was around $731,193 in January 2024. This lesser value of -5.9% compared to Barrhaven’s average single-family home price shows a certain preference in favor of Barrhaven.
Posted Mortgage Rates
Keeping pace with the constant changes in the real estate market includes keeping an eye on mortgage rates. As of January 31, 2024, the interest rates for a 1-Year term is 7.84%, the 3-Year term is 7.04%, and the 5-Year term is 6.89%.
Conclusion
While fluctuations are a normal part of any real estate market, the key is to stay informed and take a long-term perspective. The current state of the Barrhaven real estate market shows signs of some volatility but also long-term growth. It offers insights for both potential homeowners and real estate investors.
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. While we strive for accuracy in these statistics, they may not be guaranteed. After all, we are only human!
