Welcome to all Barrhaven residents and real estate enthusiasts! We’re thrilled to present the latest Barrhaven real estate market report for April 2024. As we delve into the key statistics, we aim to keep you informed about the current state of the unique housing market in Barrhaven.
Property Prices
In April 2024, the average sale price for a detached single-family home in Barrhaven is recorded at $865,682. This reflects a slight increase of 4.44% compared to last year’s April 2023 price of $828,864.
Days to Sell
On average, properties in Barrhaven in April 2024 stayed on the market for 33 days. This represents an increase of +5 days from last year in April 2023 and a significant increase of +13 days from five years ago in April 2019 when the average Days to Sell was just 20.
Properties Sold
The month of April 2024 saw the sale of 136 properties. This reflects a marginal decrease of -1.4% from April 2023, which had 138 properties sold. However, compared to April 2019, there were 35 fewer properties sold, accounting for a decrease of -20.5%.
Long-Term Market Growth
Over the last five years, the real estate market in Barrhaven has witnessed significant growth. The average sale prices for detached homes have surged from $561,981 in 2019 to the current average sales price of $865,682 in April 2024. This indicates an equity increase of approximately $303,701 for detached single-family homes, despite a perceived average difference of -0.6%.
Breaking down by home types, bungalows have seen a price rise of $374,808 (+67.3%) while 2-Story homes and Row/Town homes both experienced a price increase of $255,699 and $218,565 respectively, both showing a significant difference of +56.1%.
Barrhaven vs Ottawa
When comparing Barrhaven to the broader municipality of Ottawa, we find fascinating trends emerging. The average sale price for a detached single-family home in Ottawa was around $926,031 in April 2024. This is marginally higher (+7.0%) compared to Barrhaven’s average single-family home price of $865,682.
Posted Mortgage Rates
As of May 1, 2024, the posted mortgage rates are 7.84% for a 1-Year term, 6.99% for a 3-Year term, and 6.84% for a 5-Year term.
Conclusion
The Barrhaven real estate market in April 2024 reflects a dynamic environment with growing property values and noticeable shifts in market activity. While the average days on market have increased, indicating a more deliberate buying process, the consistent rise in property prices demonstrates continued long-term growth and strong demand. With average sale prices rising significantly across various property types and Barrhaven remaining competitive with broader Ottawa, the community presents promising opportunities for both buyers and sellers. Understanding these key trends and market conditions will empower residents and investors to navigate the Barrhaven real estate landscape effectively.
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!
