Welcome to all Kemptville residents and real estate enthusiasts! We’re thrilled to present the latest Kemptville real estate market report for March 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
As a key indicator of the real estate market, property prices in Kemptville provides us with an understanding of the current housing conditions in the locale. The average sale price for a detached single-family home in March 2024 for Kemptville has been recorded at $455,000. This figure reflects a decrease of 13.90% compared to last year’s price of $528,433 for March 2023. This declining trend in property prices provides an interesting outlook on the Kemptville real estate market.
Days to Sell
Another prolific indicator of the housing market is the average time properties stay listed on the market. For Kemptville, the average time on the market for March 2024 was 154 days, representing an increase of 92 days from the same time last year in March 2023 when the average days to sell was merely 62. Compared to 5 years ago in March 2019, the average Days to Sell was 71 – a stark difference of +83 days.
Properties Sold
In March 2024, there were 7 properties sold in Kemptville. This figure offers a perspective on the rate of transactions in the local market, highlighting the drop by 50% compared to the same period last year when there were 14 properties sold. Compared to March 2019, when 8 properties were sold, there has been a change of -12.5%.
Long-Term Market Growth
In the last 5 years, sale prices for detached homes in Kemptville have raised from an average of $378,345 in 2019 to the current average sales price of $455,000 in March 2024. This shows an average difference in prices of -16.0%, which represents an average equity increase of approximately $76,655 for detached single-family homes in Kemptville. To further breakdown, the average sales price change for different property types such as Bungalow, 2-Story home and Row/Town home from 2019 to March 2024 was $140,055(+35.9%), $105,266(+30.2%), and $284,756(+92.5%) respectively.
Kemptville vs Ottawa
Comparing Kemptville to the broader municipality of Ottawa offers fascinating insights. In March 2024, the average sale price for a detached single-family home in the municipality of Ottawa was around $814,750, which is almost 79.1% higher than Kemptville’s average single-family home price of $455,000.
Posted Mortgage Rates
As of April 3, 2024, the interest rates for a 1-Year term is 7.84%, the 3-Year term is 6.99%, and the 5-Year term is 6.84%. This data offers crucial insights for potential homeowners or investors who are evaluating their financing options.
Conclusion
The March 2024 Kemptville real estate market report provides a comprehensive overview of the current trends and performances within the local housing market. Despite the observed decline in property prices and an increased average time on the market, Kemptville continues to offer valuable investment opportunities, particularly when compared to the higher prices found in Ottawa. The long-term growth witnessed over the past five years, along with the current mortgage rates, positions Kemptville as a promising locale for both potential homeowners and investors looking to navigate the changing landscape of real estate. Understanding these trends is key to making informed decisions in this dynamic 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 presented are believed accurate but may not be guaranteed – we are human after all!
