Welcome to all Metcalfe residents and real estate enthusiasts! We’re thrilled to present the latest Metcalfe real estate market report for December 2023. This report dives into the core statistics, providing you with a comprehensive overview of the current state of the unique housing market in Metcalfe.
Property Prices
In December 2023, the average sale price for a detached single-family home in Metcalfe soared to a remarkable $769,967. This figure shows an astounding increase of 103.96% compared to last year’s average price of $377,500 recorded in December 2022.
Days to Sell
The average duration a property was listed on the market in December 2023 was 63 days, reflecting an increase of 32 days from December 2022. However, when we look at the five-year frame, there is a substantial reduction of 25 days from the average of 89 days recorded in December 2018.
Properties Sold
Interestingly, no properties were sold in December 2023. This coincides with the data from the same period last year, December 2022, during which no properties were sold either. Comparing this against the five-year trend, we notice a drastic difference where December 2018 had one property sold.
Long-Term Market Growth
The long-term property value in Metcalfe is on an impressive upward trajectory. Over the last five years, the average sales price for a detached single-family home rose by 173.4% to reach $769,967 in December 2023 – an average increase of $326,051 from December 2018. In terms of property types, a detached single-family home had an average price increase of $326,051 (73.4%), bungalows saw an increase of $175,431 (39.0%), 2-story homes experienced a jump of $612,030 (136.6%), and row or town homes saw an appreciation of $254,000 (105.8%).
Metcalfe vs Ottawa
When comparing Metcalfe to the broader Ottawa municipality, the real estate outlook appears quite fascinating. In December 2023, the average sale price for a detached single-family home in Ottawa was recorded at $808,874. This figure is marginally higher (+5.1%) than Metcalfe’s average of $769,967 for similar properties.
Posted Mortgage Rates
The interest rates as of November 29, 2023, were as follows: 1-Year at 8.09%, 3-Year at 7.24%, and 5-Year at 7.04%.
Conclusion
The Metcalfe real estate market has shown promising growth in property prices over the last five years, making it an attractive opportunity for investors and prospective homeowners. While the selling rate may appear tepid, the long-term growth and comparative price stability against Ottawa’s housing market bode well for Metcalfe’s future.
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!
