Welcome to all Metcalfe residents and real estate enthusiasts! We’re thrilled to present the latest Metcalfe real estate market report for September 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 September 2024 for Metcalfe has been recorded at $1,375,086, which reflects a significant increase of 52.79% compared to last year’s price of $900,000 for September 2023.
Days to Sell
The average time on the market in Metcalfe for September was 259 days, representing an increase of 229 days from September 2023. Five years ago, in September 2019, the average Days to Sell was 32, showing a noticeable change with an increase of 227 days.
Properties Sold
In September 2024, there were no properties sold, a stark contrast to last year when there were 5 properties sold, marking a change of -100.0%. Similarly, in September 2019, there were 3 properties sold, also reflecting a -100.0% change from September 2024.
Long-Term Market Growth
Over the past five years, sale prices for detached homes in Metcalfe have surged from an average of $374,869 in 2019 to the current average sales price of $1,375,086 in September 2024. This change represents an impressive increase in equity of approximately $1,000,216 for detached single-family homes. Breaking it down further, we see significant growth in various types of properties: the average sales price for a Bungalow increased by $965,852 (+236.0%), for a 2-Story home by $331,750 (+86.6%), and for a Row/Town home by $150,000 (+48.4%).
Metcalfe vs Ottawa
Comparing Metcalfe to the broader municipality of Ottawa, we find fascinating trends emerging. In September 2024, the average sale price for a detached single-family home in Ottawa was approximately $886,417. This is 35.5% lower compared to Metcalfe’s average single-family home price of $1,375,086.
Posted Mortgage Rates
As of October 9, 2024, current interest rates are as follows: a 1-Year term is at 7.24%, the 3-Year term is at 6.54%, and the 5-Year term is at 6.49%.
Conclusion
The real estate market in Metcalfe presents a unique and evolving landscape, characterized by significant price growth and changing market dynamics. With this in-depth analysis, residents and potential buyers can better understand the trends and make informed decisions.
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!
