Welcome to all Orléans residents and real estate enthusiasts! We’re thrilled to present the latest Orléans 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 Orléans.
Property Prices
The average sale price for a detached single-family home in Orléans has been recorded at $797,223 for April 2024, reflecting a modest increase of 0.64% compared to last year’s prices. This minor uptick from the previous year’s price of $792,154 for April 2023 suggests a relatively stable property market.
Days to Sell
In Orléans, the average time on the market for April was 38 days. This represents an increase of 11 days from last year in April 2023. Compared to 5 years ago, in April 2019, when the average days to sell was 24, we witness a difference of +14 days.
Properties Sold
In April 2024, Orléans saw the sale of 189 properties. Interestingly, this is an increase of 10.5% compared to the same period last year when 171 properties were sold. However, compared to the number of properties sold in April 2019 (244), there is a decrease of -22.5%.
Long-Term Market Growth
Examining the last five years, the market for detached homes in Orléans has grown significantly. Sale prices have surged from an average of $504,242 in 2019 to the current average sales price of $797,223 in April 2024. This growth represents an average equity increase of approximately $292,982.
Looking more closely, differences in sales prices are evident across property types. Between 2019 and April 2024, bungalows have seen an average sales price increase of $346,708 (+71.8%), 2-story homes -$249,739 (+59.1%) and row/townhouses – $206,789 (+57.7%).
Orléans vs Ottawa
When comparing Orléans to the broader municipality of Ottawa, some intriguing trends emerge. The average sale price for a detached single-family home in Ottawa during April 2024 was around $926,031. This is 16.2% higher compared to Orléans’s average single-family home price of $797,223.
Posted Mortgage Rates
As of May 1, 2024, the posted mortgage rates stood at 7.84% for a 1-Year term, 6.99% for a 3-Year term, and 6.84% for a 5-Year term.
Conclusion
The Orléans real estate market in April 2024 shows a balanced yet evolving landscape. While the slight increase in average sale prices indicates stability, the extended days on market highlight a more deliberate pace of transactions. The growth in property sales compared to last year underscores continued interest in the area, and the substantial long-term appreciation in home values reflects the strong demand and investment potential within Orléans. As we compare these trends with the broader Ottawa market, Orléans remains an attractive and slightly more affordable option for homebuyers. Keeping an eye on these dynamics can help both buyers and sellers make informed decisions in this vibrant market.
All real estate statistics have been obtained from data reported by the Ottawa Real Estate Board’s MLS System. To ensure accuracy, we have curated our search criteria specifically for smaller regions of Ottawa. While every effort is made to ensure the figures are accurate, they are not guaranteed – we are human after all!
