Welcome to all Osgoode residents and real estate enthusiasts! We’re thrilled to present the latest Osgoode 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 Osgoode.
Property Prices
In April 2024, the average sale price for a detached single-family home in Osgoode has been recorded at $802,600. This figure represents a healthy increment of 5.61% compared to last year’s price of $760,000 for April 2023. Understanding these property prices can guide prospective homeowners and seasoned investors in making well-informed property decisions.
Days to Sell
Interestingly, the average time on the market in Osgoode for April was 107 days. This figure is higher by 85 days from last year in April 2023. As of April 2024, the average Days to Sell was 107, compared to 91 days five years ago in April 2019, a difference of +16 days. This information is crucial in planning the timelines for selling or buying property within the area.
Properties Sold
In April 2024, there were 5 properties sold in Osgoode. This reflects an increase of 150.0% from the 2 properties sold the previous year in April 2023. However, compared to April 2019 where 8 properties were sold, this represents a decrease of -37.5%.
Long-Term Market Growth
Reviewing the last five years, sale prices for detached homes in Osgoode have soared from an average of $450,742 in 2019 to the current average sale price of $802,600 in April 2024. Rephrased, there’s an equity increase of approximately $351,858, easily illustrating the positive market growth in Osgoode.
On a more detailed note, Bungalows have seen an average sales price increase of $450,453 (a +91.5% difference) while 2-Story homes have jumped to an average of $579,698, a whopping +142.4%. Row/Townhome prices sit at $135,000, up by +41.5%.
Osgoode vs Ottawa
Comparing Osgoode to the broader municipality of Ottawa produces intriguing results. In April 2024, the average sale price for a detached single-family home in the municipality of Ottawa was around $926,031. This is +15.4% compared to Osgoode’s average single-family home price of $802,600, showing that Osgoode offers comparatively more affordable homes.
Posted Mortgage Rates
As of May 1, 2024, the posted mortgage rates remain competitive, with the interest rate for a 1- Year term sitting at 7.84%, a 3-Year term at 6.99%, and the 5-Year term at 6.84%.
Conclusion
The Osgoode real estate market is experiencing significant growth and changes as reflected in the increased property prices and longer average days on the market. With an impressive increase in the average sale prices over the past five years and a substantial number of properties sold compared to the previous year, Osgoode remains an attractive area for both buyers and investors. The market trends demonstrate a robust upward trajectory, making it a valuable area for real estate opportunities. Comparatively lower prices than Ottawa provide an added advantage for potential homeowners looking for affordability within proximity to the city. As always, staying informed about these market dynamics will help you make smarter property decisions in Osgoode.
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!
