Welcome to all Barrhaven residents and real estate enthusiasts! We’re thrilled to present the latest Barrhaven real estate market report for September 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 average sale price for a detached single-family home in September 2024 for Barrhaven has been recorded at $873,681, which reflects a 13.83% increase compared to last year’s price of $767,502 for September 2023.
Days to Sell
The average time on the market in Barrhaven for September was 52 days, representing +23 days from last year in September 2023. The average Days to Sell in September 2024 was 52. Compared to 5 years ago in September 2019, the average Days to Sell was 20, a difference of +32 days.
Properties Sold
In September 2024, there were 107 properties sold. Last year, in September 2023, there were 90 properties sold, a difference of +18.9%. Five years ago, in September 2019, there were 119 properties sold, a difference of -10.1% from September 2024.
Long-Term Market Growth
In the last five years, sale prices for detached homes in Barrhaven have gone from an average of $561,981 in 2019 to the current average sales price of $873,681 in September 2024. This reflects an average difference of +2.2%, representing an average equity increase of approximately $311,700 for detached single-family homes in Barrhaven.
To break this down further:
- The average sales price change for a Bungalow from 2019 to September 2024 is $412,848, a difference of +74.1%.
- The average sales price change for a 2-Story home from 2019 to September 2024 is $228,255, a difference of +50.1%.
- The average sales price change for a Row/Town home from 2019 to September 2024 is $212,208, a difference of +54.5%.
Barrhaven vs Ottawa
Comparing Barrhaven to the broader municipality of Ottawa, we find fascinating trends emerging. In September 2024, the average sale price for a detached single-family home in the municipality of Ottawa was around $886,417. This is +1.5% compared to Barrhaven’s average single-family home price of $873,681.
Posted Mortgage Rates
As of October 9, 2024, the interest rates for a 1-Year term are 7.24%, the 3-Year term is 6.54%, and the 5-Year term is 6.49%.
Conclusion
The real estate market in Barrhaven continues to showcase robust growth with increasing property values and a notable demand for homes. While the market presents longer days to sell compared to previous years, Barrhaven holds a firm position against Ottawa’s broader real estate trends. Homebuyers and investors should keep a keen eye on market fluctuations and interest rates as they navigate this dynamic environment.
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!
