Welcome to all Bridlewood residents and real estate enthusiasts! We’re thrilled to present the latest Bridlewood 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 Bridlewood.
Property Prices
The average sale price for a detached single-family home in Bridlewood during January 2024 has been recorded at $895,286. This figure reflects a growth of 5.70% compared to last year’s price of $847,000 for January 2023.
Days to Sell
Properties are spending more time on the market now than they did last year. The average time on the market in Bridlewood for January was 57 days, representing a marked increase of 28 days compared to January 2023. If we look even further back—five years to be exact—the difference becomes even more significant with an increased average of 36 days.
Properties Sold
Despite the increased time properties spend on the market, Bridlewood has seen a boost in the volume of properties sold. There were 7 properties sold in January 2024, which is a significant difference of +133.3% compared to the 3 properties sold in January 2023. However, this number still falls short compared to five years ago when there were eight properties sold, showing a slight decline of -12.5%.
Long-Term Market Growth
Examining the long-term market growth, Bridlewood exhibits strong value appreciation over the past five years. Sale prices for detached homes have gone from an average of $508,776 in 2019 to the current average sales price of $895,286 in January 2024, representing an impressive average difference of +11.3%. Consequently, this indicates an average equity increase of approximately $386,509 for detached single-family homes in Bridlewood.
In terms of individual property types, the average sales price change for a Bungalow from 2019 to January 2024 is $279,768, a difference of +54.8%. For two-story homes, the average sales price change is $409,438, a difference of +84.3%. Row/Town homes have seen an average sales price change of $182,182, a difference of +41.8%.
Bridlewood vs Ottawa
When we compare the real estate scenario of Bridlewood to the broader municipality of Ottawa, we notice some interesting trends. In January 2024, the average sale price for a detached single-family home in the municipality of Ottawa was around $731,193. This is -18.3% when compared to Bridlewood’s average single-family home price of $895,286.
Posted Mortgage Rates
As of January 31, 2024, prospective homeowners and investors should take note of the following interest rates: a 1-Year term is 7.84%, the 3-Year term is 7.04%, and the 5-Year term is 6.89%.
Conclusion
Looking at the current real estate market in Bridlewood, it is evident that this Ottawa neighborhood is experiencing substantial growth. Whether you’re a homeowner looking to sell, or a potential buyer or investor, keeping these figures in mind can help you make the best decisions in this fast-paced market.
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!
