Welcome to all Barrhaven residents and real estate enthusiasts! We’re thrilled to present the latest Barrhaven 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 Barrhaven.
Property Prices
The real estate market in Barrhaven demonstrated a slight depreciation in 2024, with the average sale price for a detached single-family home in February recorded at $794,117. This price represents a decrease of -2.05% compared to last year’s price of $810,726 for February 2023.
Days to Sell
In 2024, houses were on the market in Barrhaven for an average of 43 days in February. This represents a decrease of 17 days compared to last year, February 2023. It’s important to note, however, that this is quite a jump from five years ago in February 2019, when the average Days to Sell was only 20, showing a difference of +23 days.
Properties Sold
While the real estate market remains reasonably vibrant, it’s witnessed a decrease in the number of properties sold in February 2024, with 76 properties changing hands. This marks a decrease of -14.6% compared to February 2023, when 89 properties were sold. A more significant drop can be seen when compared to five years ago, February 2019, with a difference of -25.5% from February 2024.
Long-Term Market Growth
Despite the recent fluctuations, the Barrhaven real estate market has exhibited steady long-term growth over the past five years. In 2019, detached homes in Barrhaven were sold for an average of $561,981, a number that’s grown substantially to the current average sales price of $794,117 in February 2024. This change reflects an average equity increase of approximately $232,136 for detached single-family homes.
When we dig deeper, significant increases have marked different types of homes. The bungalow’s average sale price soared by $297,848 (+53.5%), two-stories by $168,748 (+37.0%), and row/townhomes saw a growth of $191,411 (+49.1%).
Barrhaven vs Ottawa
While comparing Barrhaven with the broader municipality of Ottawa, it’s observed that in February 2024, the average sale price for a detached single-family home in Ottawa was around $705,443. This was -11.2% lower than Barrhaven’s average single-family home price of $794,117. This comparison gives an indication of Barrhaven’s higher market value within the municipality.
Posted Mortgage Rates
As of February 27, 2024, the interest rates for a 1-Year term is 7.84%, the 3-Year term is 6.99%, and the 5-Year term is 6.84%. These figures are critical for any potential home buyer or property investor considering the next move in the Barrhaven market.
Conclusion
The Barrhaven real estate market in February 2024 showcased a slight depreciation in property prices, alongside a decrease in the number of properties sold compared to the previous year. However, the long-term growth trend remains robust, with significant increases in average sale prices observed over the past five years. Despite fluctuations, Barrhaven continues to demonstrate higher market value compared to the broader municipality of Ottawa. As interest rates remain a critical factor for potential buyers and investors, staying informed about the current state of the market is essential for making well-informed decisions.
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!
