Welcome to all Limoges residents and real estate enthusiasts! We’re thrilled to present the latest Limoges real estate market report for January 2024. In this comprehensive report, we delve into detailed statistics that will keep you informed about the current state of the unique housing market in Limoges.
Property Prices
Before moving forward, let’s have a look at the average prices for residential property in Limoges. The average sale price for a detached single-family home in January 2024 for Limoges has been recorded at $650,000. This figure reflects a 4.42% increase compared to last year’s average price for detached homes of $622,500 for January 2023.
Days to Sell
The average time on the market in Limoges for January was 80 days, down six days from the same period last year in January 2023. Compared to 5 years ago in January 2019, there’s a notable increase in the average Days to Sell, represented by a difference of +22 days.
Properties Sold
The properties sold statistics help us understand the frequency of transactions. In January 2024, there were 4 properties sold, identical to the number of properties sold in January 2023. However, this figure represents a fall of 42.9% from January 2019 which saw 7 properties sold.
Long-Term Market Growth
Over the past five years, the sale prices for detached homes in Limoges have risen significantly. Specifically, they’ve gone from an average of $389,505 in 2019 to the current average sales price of $650,000 in January 2024. This robust growth showcases an average equity increase of approximately $260,495 for detached single-family homes in Limoges.
To illustrate this growth further, the average sales price change for a Bungalow from 2019 to January 2024 is $109,900, representing a 28.9% increase. The average sales price change for a 2-Story home from 2019 to January 2024 is $88,144, marking a 22.4% increase. Meanwhile, the average sales price change for a Row/Townhome from 2019 to January 2024 is $141,196, showing a significant increase of 45.3%.
Limoges vs Ottawa
When comparing Limoges to the larger municipality of Ottawa, intriguing trends arise. In January 2024, the average sale price for a detached single-family home in Ottawa was around $731,193, which is 12.5% higher than Limoges’s average single-family home price of $650,000.
Posted Mortgage Rates
As of January 31, 2024, the posted mortgage rates are as follows: for 1-year term the rate is 7.84%, for the 3-year term the rate is 7.04%, and for the 5-year term the rate stands at 6.89%.
Conclusion
The Limoges real estate market has shown resilience and growth in January 2024. With property prices steadily increasing over the years and the average days to sell decreasing, it’s evident that Limoges remains an attractive location for homeowners and investors alike. While the number of properties sold may fluctuate, the long-term market growth demonstrates promising equity gains for homeowners.
Furthermore, when comparing Limoges to Ottawa, we observe interesting variations in property prices, highlighting the unique dynamics of each market. As we move forward into the year, it will be fascinating to see how these trends continue to evolve and shape the Limoges real estate landscape.
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!
