Welcome to all Limoges residents and real estate enthusiasts! We’re thrilled to present the latest Limoges real estate market report for February 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 Limoges.
Property Prices
In February 2024, Limoges property market showed a significant growth. The average sale price for a detached single-family home was recorded at $605,000, reflecting a 1.26% increase compared to the same month in the previous year (February 2023), when it stood at $597,500.
Days to Sell
Properties in Limoges spent an average of 68 days on the market in February 2024. This represents a rise of 13 days from February 2023 and compared to 5 years ago in February 2019, we are noticing a difference of +10 days, when the average days to sell was 58.
Properties Sold
The number of properties sold in Limoges has also seen some growth. In February 2024 there were 4 properties sold. This represents a 33.3% difference compared with February 2023, when 3 properties were sold. Going further back, there were only 2 properties sold five years ago, in February 2019, which shows a significant increase of 100.0% to current figures of February 2024.
Long-Term Market Growth
Over the past five years, Limoges has seen steady market growth. The sale prices for detached homes have risen from an average of $389,505 in 2019 to today’s average sales price of $605,000 in February 2024. This equals a typical home equity increase of approximately $215,495. When we look at these figures in detail, we can see that the average sales price for a Bungalow has risen by 43.9%, whereas the price of a 2-Story home increased by 40.9%. Similarly, Row/Town home prices show a growth of 58.9%.
Limoges vs Ottawa
When compared to the broader municipality of Ottawa, Limoges offers good value for money. The average sale price for a detached single-family home in Ottawa stood at $705,443 in February 2024, reflecting a 16.6% higher price when compared to Limoges’s average single-family home price of $605,000.
Posted Mortgage Rates
For those considering financing their home purchase, the posting interest rates for mortgages as of February 27, 2024, reveal the 1-Year term at 7.84%, 3-Year term at 6.99%, and 5-Year term at 6.84%.
Conclusion
The February 2024 real estate market report for Limoges paints a picture of steady growth and increasing property values. With rising average sale prices and a growing number of properties sold, Limoges continues to be an attractive market for both buyers and sellers. Additionally, when compared to Ottawa, Limoges offers good value for money, making it an appealing option for those looking to invest in real estate. As mortgage rates remain stable, now may be a favorable time to explore opportunities in the Limoges housing 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!
