Welcome to all Kemptville residents and real estate enthusiasts! We’re thrilled to present the latest Kemptville real estate market report for April 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 April 2024 for Kemptville has been recorded at $771,033, reflecting an increase of approximately 24.76% compared to last year’s price of $618,000 for April 2023. This is a significant leap that gives us a glimpse into the lucrative potential that the Kemptville real estate market currently holds.
Days to Sell
In terms of how swiftly properties are moving off the market, it is intriguing to note that the average time on the market in Kemptville for April 2024 was 76 days. This represents an increase of 38 days compared to last year in April 2023. If we take a step further back in time, we see a marginal increase of just five days when compared to the 71 days average registered in April of 2019.
Properties Sold
As for the number of sales, April 2024 saw a healthy turnover of 21 properties sold. This demonstrates an ascending trend from just 14 properties sold during the same time last year – a sizeable growth of 50.0%. Five years ago, in April 2019, Kemptville registered 12 properties sold, showing a striking increase of 75.0% from April 2024 when compared.
Long-Term Market Growth
Looking at the long-term perspective, sale prices for detached homes in Kemptville have shot up from an average of $378,345 in 2019 to the current average sales price of $771,033 in April 2024. This significant rise represents an average price increase of 7.5%, equating to an impressive equity leap of approximately $392,688 for detached single-family homes in Kemptville.
To break these astounding figures down further – the average sales price change for a Bungalow from 2019 to April 2024 is $352,266 (+90.3%); a two-story home is $277,641 (+79.6%), and for a Row/Town home, the average change is $266,256 (+86.5%).
Kemptville vs Ottawa
In comparison with the broader municipality of Ottawa, we find fascinating trends. In April 2024, the average sale price for a detached single-family home in Ottawa was about $926,031, which is 20.1% higher than Kemptville’s average of $771,033. This shows Kemptville’s competitive rates and the worthiness of investment in the area.
Posted Mortgage Rates
As recent as May 1, 2024, the interest rates for a 1-Year term is 7.84%, the 3-Year term is at 6.99%, and the 5-Year term stands at 6.84%. Keeping these rates in mind could be quite beneficial for potential homebuyers and investors alike.
Conclusion
The Kemptville real estate market in April 2024 demonstrates significant growth and robust potential for both buyers and investors. With average property prices rising dramatically and a notable increase in the number of properties sold, Kemptville stands out as a lucrative market. The comparison with Ottawa’s market highlights Kemptville’s competitive edge, offering a more affordable yet promising investment landscape. As we continue to monitor these trends, it becomes clear that Kemptville’s real estate market is on a positive trajectory, making it an attractive option for those looking to invest in the region.
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!
