Welcome to all Metcalfe residents and real estate enthusiasts! We’re thrilled to present the latest Metcalfe real estate market report for March 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 Metcalfe.
Property Prices
The real estate market in Metcalfe has shown a remarkable growth. The average sale price for a detached single-family home in March 2024 for Metcalfe has been recorded at $747,800, which reflects a surge of 91.13% compared to last year’s price of $391,250 for March 2023.
Days to Sell
The average time on the market in Metcalfe for March 2024 was 105 days. This is an increase of 78 days from last year in March 2023. Compared to 5 years ago in March 2019, the average Days to Sell was 32, meaning a significant change of +73 days.
Properties Sold
The number of properties sold is also working to underline the booming real estate market in Metcalfe. In March 2024, a total of 5 properties were sold in comparison to only 2 properties sold during the same period in March 2023, which represents a tremendous increase of 150.0%. This is a 25.0% increase from five years ago, during March 2019, when 4 properties were sold.
Long-Term Market Growth
The long-term growth of the Metcalfe market has been consistent and profitable. In the last 5 years, sale prices for detached homes in Metcalfe have skyrocketed from an average of $374,869 in 2019 to the current average sales price of $747,800 in March 2024. This impressive growth represents an increase of 1.0%, which translates to an average equity increase of approximately $372,931 for detached single-family homes in Metcalfe.
Delving deeper, the average sales price change for a Bungalow from 2019 to March 2024 is $790,767, a robust growth of 193.2%. For a 2-Story home, the average sales price change for the same period is $200,750, an increase of 52.4%. The average sales price change for a Row/Town home from 2019 to March 2024 is $184,000, marking a 59.4% increase.
Metcalfe vs Ottawa
Comparing Metcalfe to the broader municipality of Ottawa, we find fascinating trends emerging. In March 2024, the average sale price for a detached single-family home in Ottawa was around $814,750. This is 9.0% higher compared to Metcalfe’s average single-family home price of $747,800.
Posted Mortgage Rates
As of April 3, 2024, the reported interest rates are as follow: for a 1-Year term, it is 7.84%; the 3-Year term is 6.99%, and the 5-Year term is 6.84%.
Conclusion
The Metcalfe real estate market has demonstrated substantial growth and resilience as of March 2024. The significant increase in property prices, coupled with the rising number of days properties spend on the market, reflects a robust demand and a deeper investor confidence in this quaint locale. Whether you are a homeowner, a prospective buyer, or an investor, these trends offer valuable insights and suggest a healthy market with potential for further growth. As Metcalfe continues to develop and attract interest, it remains an excellent opportunity for those looking to invest in real estate within the Ottawa area. Keep an eye on these trends as they evolve to make informed decisions in this dynamic 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!
