Thank you for joining us for the August 2023 Chesterville Real Estate Market Report. In this report, we will be discussing key statistics that will provide you with valuable insights into the current state of the real estate market in Chesterville, Ontario. Whether you are a resident or a real estate enthusiast, this report is designed to keep you informed and up to date.
Property Prices
The average sale price for a detached single-family home in Chesterville in August 2023 is $520,000. While this reflects an N/A change compared to last year’s price, it highlights the continued stability of the market.
Days to Sell
In August, the average time on the market for a property in Chesterville was 14 days. This represents no change from the same period last year in August 2022. However, when compared to 5 years ago in August 2018, there has been a significant decrease in the average days to sell, with a difference of -72 days.
Properties Sold
During August 2023, a total of 1 property was sold in Chesterville. This indicates a positive shift from the same period last year when no properties were sold. Additionally, there has been no change in the number of properties sold compared to August 2018.
Long-Term Market Growth
Over the past 5 years, there has been a substantial increase in property prices for detached single-family homes in Chesterville. In 2018, the average sales price was $280,217, and in August 2023, it has risen to $520,000. This represents a dramatic change of +85.57% in property prices within this time frame.
When examining specific property types, there has been notable growth across the board. Bungalows have seen an average sales price change of +104.1%, 2-story homes have experienced a change of +62.2%, and row/town homes have seen a significant increase of +120.7%, all from 2018 to August 2023.
Chesterville vs Ottawa
It is interesting to compare Chesterville to the broader municipality of Ottawa. In August 2023, the average sale price for a detached single-family home in Ottawa was $753,096, which is +44.8% higher than Chesterville’s average price. This comparison exemplifies the unique appeal and affordability of the Chesterville real estate market.
Posted Mortgage Rates
As of September 6, 2023, the interest rates for mortgages in Chesterville are as follows: 1-Year term – 7.89%, 3-Year term – 7.04%, and 5-Year term – 6.84%. These rates provide valuable information for those considering purchasing a property in Chesterville.
In conclusion, the Chesterville real estate market continues to show stability and growth. Property prices have significantly increased over the past 5 years, and there has been positive movement in the number of properties sold. Compared to Ottawa, Chesterville offers a more affordable option for prospective buyers. However, it is important to note that all figures presented are believed to be accurate but may not be guaranteed. We hope that this report has provided you with valuable insights into the current state of the Chesterville real estate 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!
