Welcome to all Bridlewood residents and real estate enthusiasts! We’re thrilled to present the latest Bridlewood 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 Bridlewood.
Property Prices
The average sale price for a detached single-family home in September 2024 for Bridlewood has been recorded at $813,811, which reflects an increase of 8.03% compared to last year’s price of $753,333 for September 2023. This upward trend highlights the growing demand for homes in the area.
Days to Sell
The average time on the market in Bridlewood for September was 26 days, representing an increase of 2 days from last September 2023. Compared to 5 years ago in September 2019, the average Days to Sell was 21, marking a difference of 5 days. This suggests a slightly slower market but still demonstrates a healthy pace for property sales.
Properties Sold
In September 2024, there were 17 properties sold, a significant increase from the 11 properties sold last year in September 2023, reflecting a 54.5% rise. Comparing this to five years ago, in September 2019, when 12 properties were sold, there’s an impressive jump of 41.7%.
Long-Term Market Growth
In the last 5 years, sale prices for detached homes in Bridlewood have soared from an average of $508,776 in 2019 to the current average sales price of $813,811 in September 2024. This reflects an average equity increase of approximately $305,035 for detached single-family homes in Bridlewood. To break this down further, the price change for a Bungalow from 2019 to September 2024 is $232,268, a 45.5% increase. Additionally, a 2-Story home increased by $198,080, representing a 40.8% rise, while a Row/Town home went up by $126,126, a 28.9% growth.
Bridlewood vs Ottawa
Comparing Bridlewood 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 Ottawa was around $886,417. This is an 8.9% increase compared to Bridlewood’s average single-family home price of $813,811. This disparity indicates that Bridlewood still offers a more affordable option within close proximity to Ottawa’s amenities.
Posted Mortgage Rates
As of October 9, 2024, the interest rates for a 1-Year term is 7.24%, the 3-Year term is 6.54%, and the 5-Year term is 6.49%. These rates are vital to consider for potential buyers and current homeowners looking to refinance their mortgages.
Conclusion
The real estate market in Bridlewood continues its upward trend, with increasing property values and a healthy pace of sales. Although the market shows signs of moderation with slightly longer days to sell, its long-term growth remains robust compared to broader trends in Ottawa. Whether you’re looking to buy, sell, or simply keep a finger on the pulse, it’s a market that promises both opportunities and challenges. We hope this report provides the insights you need for your next step in the real estate journey.
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!
