Welcome to all Riverside South residents and real estate enthusiasts! We’re thrilled to present the latest Riverside South real estate market report for January 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 Riverside South.
Property Prices
The average sale price for a detached single-family home in January 2024 for Riverside South has been recorded at $983,486. This intriguing figure reflects a significant increase of 10.54% when compared to last year’s price of $889,750 for January 2023.
Days to Sell
A real estate market’s robustness can also be measured in terms of how long properties stay on the market. In Riverside South for January 2024, it took an average time of 52 days to sell a property. Compared to last year in January 2023, it represents a decrease of 2 days. However, compared to five years ago in January 2019, when the average Days to Sell was 22, there is a noticeable increase of 30 days.
Properties Sold
In terms of transaction volumes, in January 2024, Riverside South saw the sale of 22 properties. This figure showed an encouraging rise of 46.7% from the 15 properties sold in January 2023. The trajectory of growth becomes more impressive when compared to January 2019 when there were only 10 properties sold, a skyrocketing increase of 120%.
Long-Term Market Growth
Over the last 5 years, the market upkeep in Riverside South is quite remarkable, with sale prices for detached homes rising from an average of $608,750 in 2019 to the current average sales price of $983,486 in January 2024. This represents an average equity increase of approximately $374,736.
Diving deeper into specific property types, the average sales price change for a Bungalow was a hefty 37.0%. For a two-story home, the increase was even greater, at 61.2%. Similarly, Row/Townhomes rose by 56.7% over the same period.
Riverside South vs Ottawa
Distinguishing Riverside South from greater Ottawa reveals striking trends. The average sale price for a detached single-family home in Ottawa was around $731,193 in January 2024. This is a significant difference of 25.7% compared to Riverside South’s average single-family home price of $983,486.
Posted Mortgage Rates
The real estate market is also influenced by mortgage rates. As of January 31, 2024, the interest rates for various terms were as follows : the 1-Year term stood at 7.84%, the 3-Year term was at 7.04%, and the 5-Year term was at 6.89%.
Conclusion
Our analysis of the Riverside South, Ontario real estate market suggests robust growth in property prices, steady increases in the number of properties sold, and a longer time on the market for properties before they are sold. This highlights the uniqueness of the Riverside South market when compared to the larger Ottawa 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. Please note that while we strive to provide precise figures, they may not be guaranteed due to human error.
