Casselman, a charming town nestled in the United Counties of Prescott and Russell, is known not only for its enchanting riverside attractions but also increasingly for its vibrant real estate market. As we delve into the most recent statistics, we present you with a thorough report on the Casselman real estate market for October 2023.
Property Prices
A significant aspect to consider while assessing any region’s property market is the sale price. As of October 2023, the average price for a detached single-family home in Casselman stood at about $657,500, indicating an increase of 7.79% from the previous year’s October price of $609,967.
Time to Sell
Another essential factor in real estate is the time taken for a property to sell. In Casselman, properties sold in October 2023 recorded an average market time of 71 days. This signifies an increase of 38 days compared to the same month the previous year. Though the selling time increased, it paints a better picture looked at from a five-year perspective, as the average time for October 2018 was 120 days.
Properties Sold
As for the properties sold, four transactions got completed in October 2023. This is one less than the five sold the previous year. When compared to the same time five years ago, the numbers align exactly, with four properties sold in October 2018 too.
Long-Term Market Growth
The last half a decade has seen significant growth in the Casselman property market, with the average price of a detached single-family home growing by an average of $363,541 from 2018 to today’s average of $657,500 in October 2023. Growth indications aren’t just evident in the single-family home segment; Bungalows, Two-story homes, and Row/Townhouses have also seen a surge in their average pricing, each showing impressive growth percentages.
Casselman vs Ottawa
When Casselman’s real estate market gets compared to the larger extent of Ottawa, it reveals striking trends. In October 2023, the average sale price for a detached single-family home in Ottawa was roughly $756,543, 15.1% higher than Casselman. While growth is considerable in both areas, Casselman provides a more affordable option for those looking for single-family homes.
Posted Mortgage Rates
As per the information available on November 1, 2023, the mortgage rates for a 1-Year term is 8.09%, the 3-Year term is 7.24%, and the 5-Year term is 7.04%.
Conclusion
Despite the inevitable fluctuations that come with real estate, Casselman continues to show promise as a growing market. The impressive growth rate indicates lucrative opportunities for both sellers and buyers.
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!
