Welcome to all Kemptville residents and real estate enthusiasts! We’re thrilled to present the latest Kemptville real estate market report for September 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 September 2023 for Kemptville has been recorded at $619,817, which reflects a 13.96% decrease compared to last year’s price of $720,400 for September 2022. Despite this decrease, Kemptville remains an attractive option for homebuyers looking for more affordable options compared to neighboring areas.
Days to Sell
The average time on the market in Kemptville for September was 56 days, representing an increase of 1 day compared to September 2022. However, if we look back five years ago, the average days to sell in September 2018 was 93, indicating a significant improvement in the speed of property sales.
Properties Sold
In September 2023, there were 7 properties sold in Kemptville, a 40.0% increase compared to the previous year. However, when compared to September 2018, the number of properties sold has decreased by 41.7%, indicating a fluctuating market.
Long-Term Market Growth
Over the past five years, Kemptville has experienced substantial growth in property prices. The average sale price for detached single-family homes has increased from $269,935 in 2018 to $619,817 in September 2023, representing a remarkable change of 129.62%. This growth demonstrates the increasing demand for housing in the area and the potential for long-term investment opportunities.
When comparing specific housing types, the average sales price has also experienced significant changes. Bungalows have seen a price increase of 59.9% since 2018, while 2-Story homes have increased by 78.4%. Row/Town homes have also seen a rise of 30.0% in average sales price.
Kemptville vs Ottawa
Comparing Kemptville to the broader municipality of Ottawa, we find interesting trends emerging. In September 2023, the average sale price for a detached single-family home in Ottawa was around $769,352, indicating a higher price point compared to Kemptville’s average of $619,817. This difference shows the affordability advantage that Kemptville offers for homebuyers looking for a more budget-friendly option within close proximity to Ottawa.
Posted Mortgage Rates
As of October 4, 2023, the interest rates for various mortgage terms in Kemptville were as follows: 1-Year term at 7.84%, 3-Year term at 7.14%, and 5-Year term at 7.04%. It’s important for potential buyers to stay informed about the current mortgage rates to make informed decisions regarding their investment in Kemptville real estate.
Conclusion
The Kemptville real estate market in September 2023 has shown some fluctuations compared to previous years, including a decrease in average sale prices and a slight increase in the time it takes to sell a property. However, long-term market growth remains strong, with substantial price increases over the past five years. Kemptville continues to offer affordable housing options within a reasonable distance of Ottawa’s higher-priced market. As always, it is important to consult with knowledgeable professionals in the real estate industry for further insights and guidance.
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!
