Welcome to all Kemptville residents and real estate enthusiasts! We’re thrilled to present the latest Kemptville real estate market report for August 2023. 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 August 2023 for Kemptville has been recorded at $728,725, which reflects a 36.95% increase compared to last year’s price of $532,125 in August 2022.
Days to Sell
The average time on the market in Kemptville for August was 21 days, representing a decrease of 12 days from the previous year in August 2022.
Compared to 5 years ago in August 2018, the average days to sell in August 2023 was 21, a significant improvement from 93 days, showcasing the accelerating pace of the market.
Properties Sold
In August 2023, there were 8 properties sold. This marks an increase of 33.3% compared to the 6 properties sold in August 2022. Furthermore, it represents a 14.3% increase from the 7 properties sold in August 2018.
Long-Term Market Growth
Over the past 5 years, sale prices for detached single-family homes in Kemptville have seen a significant surge. In 2018, the average sales price was $378,844, whereas in August 2023, it has risen to $728,725. This equates to an impressive 92.36% increase in property prices over the last 5 years.
When comparing average sales price changes for different types of homes, the results are equally noteworthy. Bungalows have experienced a 59.4% increase in average sales price, 2-story homes have seen a 92.8% increase, and row/town homes have risen by 59.0%.
Kemptville vs Ottawa
When comparing Kemptville to the broader municipality of Ottawa, fascinating trends emerge. In August 2023, the average sale price for a detached single-family home in Ottawa was approximately $753,096, representing a 3.3% increase compared to Kemptville’s average single-family home price of $728,725.
Posted Mortgage Rates
As of September 6, 2023, the interest rates for mortgages in Kemptville are as follows: 1-Year term – 7.89%, 3-Year term – 7.04%, and 5-Year term – 6.84%.
Conclusion
The Kemptville real estate market continues to show strong growth, with property prices and the number of properties sold increasing. As the average days to sell decrease, homes are selling at a faster pace, indicating high demand. While Kemptville’s average home prices are slightly lower than in Ottawa, the market remains robust and offers excellent opportunities for buyers and sellers alike. With favorable mortgage rates, now may be an ideal time to venture into the Kemptville 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!
