Welcome to all Chesterville residents and real estate enthusiasts! We’re thrilled to present the latest Chesterville real estate market report for January 2024. In this month’s report, we delve into the key statistics to keep you well informed about the current state and developments in the unique Chesterville housing market.
Property Prices
Starting with an analysis of property prices, we observed that the average sale price for a detached single-family home in Chesterville in January 2024 stood at $345,000. This represents a decrease of nearly -23.08% compared to last year’s price of $448,500 for the same month.
Days to Sell
Looking at how long a property stays on the market, the number clocks at an average of 13 days in January 2024. This is 2 days less than what we witnessed in the same month last year, 2023. This is a fascinating improvement from 5 years ago in January 2019 when the average Days to Sell was as high as 151.
Properties Sold
In terms of the volume of properties sold, none was sold in January 2024. Comparing this to the 2 properties sold a year prior, and a single property sold five years ago, we see a noticeable plunge.
Long-Term Market Growth
Despite the downward trend in recent months, the long-term view of the Chesterville market is more positive. In the last 5 years, for instance, the average sale price for detached homes has risen significantly from $227,407 in 2019 to $345,000 in January 2024. This represents an equity increase of about $117,593.
To further illustrate, the price of a bungalow rose by $236,042 (or +103.1%) in the same period, while the average price of a 2-story home increased by $130,476 (or +60.8%). Unfortunately, we don’t have the precise data for Row/Town homes.
Chesterville vs Ottawa
A comparison between Chesterville and the broader Ottawa metropolitan area reveals intriguing trends. As of January 2024, the average sale price for a single-family home in Ottawa stands at around $731,193. This is markedly higher (+111.9%) than Chesterville’s average of $345,000.
Posted Mortgage Rates
Coming to the mortgage rates as of January 31, 2024, we have the interest rates for a 1-Year term pegged at 7.84%, 7.04% for the 3-Year term, and 6.89% for the 5-Year term.
Conclusion
The January 2024 Chesterville real estate market report paints a picture of fluctuating dynamics. While property prices have seen a decline compared to the previous year, there’s a positive long-term trajectory evident in the market’s growth over the past five years.
Despite no properties being sold in January 2024, the shorter days to sell and the significant increase in average sale prices for detached homes indicate underlying strength. When juxtaposed with Ottawa’s real estate landscape, Chesterville presents an intriguing alternative with its comparatively lower average sale prices. However, prospective buyers and sellers should remain attentive to fluctuating mortgage rates, which could impact affordability and market activity in the coming months.
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!
