Greetings to all Chesterville residents and anyone with an interest in the real estate market! With immense pleasure, we present to you the latest Chesterville real estate market report for December 2023. Buckle up as we navigate through the critical statistics that will provide you with a comprehensive understanding of the thriving housing market in Chesterville.
Property Prices
In December 2023, the average sale price stood at $345,000 for a detached single-family home in Chesterville. Interestingly, this indicates a decrease of -23.08% compared to last year’s price recorded at $448,500 in December 2022.
Days to Sell
On average, properties in Chesterville were listed for 13 days in December 2023, reflecting a decrease of 2 days from the previous year in December 2022. This is a significant transformation from five years back in December 2018, when the average listing period was 86 days, showcasing a reduction of 73 days!
Properties Sold
In comparison to two properties sold last year in December 2022, only one property was sold in December 2023, indicating a staggering -50.0% decrease. When stacked against the three properties sold five years ago in December 2018, this represents a decrease of -66.7%.
Long-Term Market Growth
The Chesterville market has observed remarkable growth in the past five years with average property prices catapulting from $105,217 in 2018 to $345,000 in December 2023. This indicates a substantial appreciation of +227.89% for detached single-family homes. Breaking it down by typology, bungalows have noted a price increase of +82.5%, twostory homes +62.2%, and Row/Town homes +120.7%.
Chesterville vs Ottawa
A comparative analysis between Chesterville and the broader Ottawa municipality unveils intriguing trends. The average sales price for a detached single-family home in Ottawa for December 2023 was estimated at $808,874, which is a whopping +134.5% more than Chesterville’s average price of $345,000.
Posted Mortgage Rates
As of the end of November 2023, the offered interest rates were 8.09% for a 1-Year term, followed by 7.24% for a 3-Year term, and 7.04% for a 5-Year term.
Conclusion
Through this report, we’ve outlined the intriguing dynamics of Chesterville’s real estate market. Despite some decreases in property prices and properties sold, the long-term growth in the Chesterville market demonstrates positive movement. While Chesterville’s average prices for detached single-family homes remain significantly lower compared to the broader Ottawa municipality, this may present potential buying opportunities.
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. While every effort has been taken to ensure accuracy, they may not be guaranteed as we’re only humans after all!
