Welcome to all Metcalfe residents and real estate enthusiasts! We’re thrilled to be sharing the latest Metcalfe real estate market report for January 2024. This month, we’re delving into key stats that will help you stay informed about the current state of the unique housing market in Metcalfe.
Property Prices
In January 2024, Metcalfe recorded an average sale price of $1,041,667 for a detached single-family home. This price marks a significant increase of 23.64% from last year’s average price of $842,500 in January 2023.
Days to Sell
The average time on the market in January 2024 was 167 days, a shift upwards of 73 days from the same period in the previous year. Interestingly, compared to January 2019—five years ago—the average days to sell was considerably lower at 32, bringing us to a difference of +135 days.
Properties Sold
Three properties were sold in Metcalfe in January 2024. This constitutes a significant increase of +200.0% from January 2023 where just one property sold. Interestingly, this is the same percentage increase compared to January 2019, where just one property exchanged hands as well.
Long-Term Market Growth
In the last five years, the average selling prices of detached homes in Metcalfe have soared from an average price of $374,869 in 2019 to an astounding $1,041,667 in January 2024. This represents an average difference of +22.6% and an average equity increase of $666,797 in Metcalfe’s detached single-family homes.
To look deeper, the average sales price for a Bungalow has increased to $632,433, a jump of +154.5% from 2019. 2-Story homes have also seen an upsurge to $676,750 (+176.6%), while the average sales price change for Row/Town homes stands at $184,000 (+59.4%).
Metcalfe vs Ottawa
Comparing Metcalfe’s real estate market to the wider municipality of Ottawa reveals intriguing trends. The average sale price for detached single-family homes in Ottawa for January 2024 was around $731,193—lower by -29.8% compared to Metcalfe’s robust average price of $1,041,667.
Posted Mortgage Rates
As of the end of January 2024, the three available term rates were as follows: 7.84% for a 1-year term, 7.04% for a 3-year term, and 6.89% for a 5-year term.
Conclusion
In conclusion, the January 2024 Metcalfe real estate market report paints a vivid picture of the dynamic landscape in this unique community. With property prices soaring to new heights and days on the market experiencing a noticeable increase, residents and investors alike are navigating an evolving market. The surge in properties sold, coupled with substantial long-term market growth, underscores the resilience and desirability of Metcalfe’s real estate. Furthermore, when juxtaposed with Ottawa’s broader market, Metcalfe stands out with its robust average sale price for detached single-family homes. As we move forward, keeping a close eye on mortgage rates and market trends will be essential for those engaging in Metcalfe’s real estate market.
All the real estate statistics used in this report were obtained from data documented by the Ottawa Real Estate Board’s MLS System. We’ve tailored our search criteria to ensure more precise statistics for smaller regions of Ottawa. Although it’s our aim to achieve complete accuracy in our data collation, we cannot guarantee absolute correctness as a little human error can sometimes creep in.
