Welcome to all Kemptville residents and real estate enthusiasts! We’re thrilled to present the latest Kemptville real estate market report for January 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 Kemptville.
Property Prices
The average sale price for a detached single-family home in January 2024 for Kemptville has been recorded at $673,750, which reflects 76.99% compared to last year’s price of $380,667 for January 2023 – mainly due to only 3 properties being sold this time last year – thus skewing the average growth data.
Days to Sell
The average time on the market in Kemptville for January was 49 days, representing an increase of +8 days from last year in January 2023. Compared to 5 years ago in January 2019, the average Days to Sell was 71, a difference of -22 days. This demonstrates that properties in Kemptville are selling faster than they did five years ago.
Properties Sold
In January 2024, a total of 5 properties changed hands. Comparatively, last year in January 2023, there were 3 properties sold, a swelling of +66.7%. However, 5 years ago, in January 2019, there were 7 properties sold, a difference of -28.6% from January 2024. Thus, although the market seems to have cooled down from five years ago, the recent upturn in transactions suggests a return to vibrancy.
Long-Term Market Growth
Over the last 5 years, sale prices for detached homes in Kemptville have shot from an average of $378,345 in 2019 to a commendable average sales price of $673,750 in January 2024. Correspondingly, this equates to an average difference of +3.0% yearly, signifying an average equity increase of approximately $295,405 for detached single-family homes in Kemptville. To put this into perspective, the average sales price change for a Bungalow from 2019 to January 2024 is $245,305, a difference of +62.9%. Concurrently, the average sales price change for a 2-Story home from 2019 to January 2024 is $179,233, a difference of +51.4%, while the average sales price change for a Row/Town home from 2019 to January 2024 is an imposing $194,556, a difference of +63.2%.
Kemptville vs Ottawa
Comparing Kemptville to the overarching municipality of Ottawa, fascinating trends are afoot. In January 2024, the average sale price for a detached single-family home in the municipality of Ottawa came in at about $731,193. This stands at +8.5% compared to Kemptville’s average single-family home price of $673,750. This suggests that Kemptville, despite its smaller size, is competitive with and offers an advantageous alternative to Ottawa in terms of home values.
Posted Mortgage Rates
As of January 31, 2024, the interest rates for mortgages were on the rise with a 1-Year term at 7.84%, the 3-Year term at 7.04%, and the 5-Year term at 6.89%.
Conclusion
The Kemptville real estate market continues to show impressive resilience and growth. It’s an optimal time to consider investing in Kemptville, given its competitive property prices and burgeoning market demand.
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!
