Welcome to all Riverside South residents and real estate enthusiasts! We’re thrilled to present the latest Riverside South real estate market report for March 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 Riverside South for March 2024 has been recorded at $1,048,545, reflecting an increase of 2.85% compared to last year’s price of $1,019,500 for March 2023.
Days to Sell
In March 2024, the average time on the market in Riverside South was 45 days, an increase of 22 days from last year in March 2023. Likewise, compared to 5 years ago in March 2019, the average Days to Sell was 22, a difference of +23 days.
Properties Sold
In terms of property sales, there were 29 properties sold in March 2024. This is an enhancement from last year’s March 2023, where 22 properties were sold, a difference of +31.8%. Comparatively, 5 years ago, in March 2019, there were 23 properties sold, marking a difference of +26.1% from March 2024.
Long-Term Market Growth
Over the last five years, sale prices for detached homes in Riverside South have seen an impressive rise, going from an average of $608,750 in 2019 up to the current average sales price of $1,048,545 in March 2024. This represents an average difference of +4.6%, indicating an average equity increase of approximately $439,796 for detached single-family homes in Riverside South.
If we break this down further, the average sales price change for a bungalow from 2019 to March 2024 is $281,657, a significant increase of 57.7%. The average sales price change for a 2-Story home from 2019 to March 2024 is $329,210, a difference of +68.1%. The average sales price change for a Row/Town home from 2019 to March 2024 is $272,651, a difference of +66.4%.
Riverside South vs Ottawa
Comparing Riverside South to the broader municipality of Ottawa, captivating trends surface. In March 2024 the average sale price for a detached single-family home in the municipality of Ottawa was recorded as $814,750. This is -22.3% compared to Riverside South’s average single-family home price of $1,048,545.
Posted Mortgage Rates
As of April 3, 2024, the interest rates for a 1-Year term is 7.84%, the 3-Year term is 6.99%, and the 5-Year term is 6.84%.
Conclusion
The Riverside South real estate market has shown a robust performance in March 2024, signaling a healthy and thriving housing landscape. With a noticeable increase in property prices, enhanced sales activity, and significant long-term market growth, Riverside South continues to outpace the broader Ottawa area in several key metrics. This vitality reflects not only the desirability of the area but also the strength of the local real estate market. As we move forward, it will be essential for both buyers and sellers to stay informed and adapt to the changing market dynamics, ensuring they make the most out of their real estate investments in Riverside South.
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!
