Welcome to all Metcalfe residents and real estate enthusiasts! We’re thrilled to present the latest Metcalfe real estate market report for April 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 average sale price for a detached single-family home in April 2024 for Metcalfe has been recorded at $697,667, representing a considerable hike of 23.48% compared to last year’s price of $565,000 for April 2023. This uptick signifies increasing residential property value in Metcalfe, making it a potentially fruitful investment for interested property buyers and real estate investors.
Days to Sell
The average time on the market in Metcalfe for April was 18 days. This represents an increase of +16 days from last year in April 2023, suggesting buyers are possibly taking more consideration before closing deals. Compared to 5 years ago in April 2019, when the average Days to Sell was 32, there has been a significant decrease of -14 days, indicating a faster pace in which properties are being sold.
Properties Sold
In April 2024, a total of three properties were successfully sold. Last year, in April 2024, there were only two properties sold, reflecting a considerable increase of +50.0% in terms of year-on-year sales. Compared to 5 years ago, in April 2019, when there was only one property sold, there has been a significant increase of +200.0% which suggests the market has become more robust and lively since.
Long-Term Market Growth
Over the past five years, sale prices for detached homes in Metcalfe have seen a tremendous rise from an average of $374,869 in 2019 to $697,667 in April 2024. This reflects a growth rate of -3.7%, translating to an average equity increase of approximately $322,797 for detached single-family homes in Metcalfe. Particularly, Bungalows have seen an average sales price increase of +193.2% while 2-Story homes and Row/Town homes have seen a rise of +81.3% and +59.4% respectively from 2019 to April 2024.
Metcalfe vs Ottawa
When comparing Metcalfe to the broader municipality of Ottawa, interesting trends emerge. In April 2024 the average sale price for a detached single-family home in the municipality of Ottawa was around $926,031. This is +32.7% higher than Metcalfe’s average single-family home price of $697,667, implying that Metcalfe offers more affordable housing options while also experiencing steady growth.
Posted Mortgage Rates
As of now, on May 1, 2024, the interest rates for a 1-Year term is 7.84%, for a 3-Year term it stands at 6.99%, and for a 5-Year term, it is 6.84%. So, prospective homebuyers should consider these rates while budgeting for their property purchase.
Conclusion
The Metcalfe real estate market in April 2024 showcases significant growth and promising investment opportunities. With a notable rise in average sale prices and a faster pace in property sales, Metcalfe proves to be an attractive market for both buyers and investors. The increase in property value, combined with relatively affordable prices compared to the broader Ottawa region, makes Metcalfe a compelling choice for those looking to invest in a flourishing real estate market. Stay informed and seize the opportunity to be part of 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 – after all, we are human!
