Welcome to all Orléans residents and real estate enthusiasts! We’re thrilled to present the latest Orléans 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 Orléans.
Property Prices
The average sale price for a detached single-family home in September 2024 for Orléans has been recorded at $768,940, which reflects a slight decrease of -0.02% compared to last year’s price of $769,121 for September 2023.
Days to Sell
The average time on the market in Orléans for September was 51 days, representing an increase of +15 days from last year in September 2023. Just five years ago, in September 2019, the average days to sell was 24, marking a significant rise of +27 days.
Properties Sold
In September 2024, there were 133 properties sold. Last year, in September 2023, there were 140 properties sold, indicating a decrease of -5.0%. Moreover, five years ago, in September 2019, there were 190 properties sold, showing a dramatic decline of -30.0% from September 2024.
Long-Term Market Growth
In the last five years, sale prices for detached homes in Orléans have risen from an average of $504,242 in 2019 to the current average sales price of $768,940 in September 2024. This reflects an average increase of +1.9% annually, representing an approximate equity increase of $264,698 for detached single-family homes in Orléans. To break this down further, the average sales price change for a bungalow rose by +68.9%, a 2-story home increased by +49.4%, and a row/townhome appreciated by +51.7% from 2019 to September 2024.
Orléans vs Ottawa
Comparing Orléans 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 the municipality of Ottawa was around $886,417, which is +15.3% higher compared to Orléans’s average single-family home price of $768,940.
Posted Mortgage Rates
As of October 9, 2024, the interest rates for a 1-Year term are at 7.24%, the 3-Year term is 6.54%, and the 5-Year term is 6.49%.
Conclusion
The Orléans real estate market demonstrates both stability and potential growth, despite the slower sales and increased days on market. Compared to Ottawa, Orléans offers competitive pricing, presenting buyers with opportunities for potential equity growth—especially in long-term investments.
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!
