Welcome to all Riverside South residents and real estate enthusiasts! We’re thrilled to present the latest Riverside South 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 Riverside South.
Property Prices
In April 2024, the real estate market saw a decrease in property prices in Riverside South. The average sale price for a detached single-family home was $968,320, representing a decrease of -10.17% compared to the same period in the preceding year when the average price stood at $1,077,909.
Days to Sell
Significantly, houses in Riverside South spent more time on the market this April. The average time on the market was 39 days, a leap of +6 days from last year in April 2023. This duration has increased cumulatively over the years — in April 2019, it took an average of 22 days to sell a house, a difference of +17 days when compared to April 2024.
Properties Sold
In terms of the number of properties sold, April 2024 saw an increase from the previous year with 42 properties exchanging hands, compared to 36 in April 2023 — a growth of +16.7%. However, this sales volume is still lower than 5 years ago, in April 2019, when 47 properties were sold, marking a -10.6% discrepancy from April 2024.
Long-Term Market Growth
In the course of the last five years, Riverside South’s real estate industry has shown a positive trend. The average sales price for detached homes has significantly jumped from $608,750 in 2019 to a staggering $968,320 in April 2024 — an equity gain of $359,570. Specifically, sales prices for Bungalows, 2-Story homes, and Row/Town homes have spiked by +75.2%, +55.8%, and +60.4% respectively, denoting remarkable investment opportunities in Riverside South.
Riverside South vs Ottawa
Riverside South’s real estate prices are performing better than Ottawa’s average. In April 2024, the average sale price of a detached single-family home in Ottawa was $926,031, which is -4.4% lower than Riverside South’s average single-family home price of $968,320.
Posted Mortgage Rates
As of May 1, 2024, mortgage conditions seem to point towards an upward trend. The interest rates for a 1-Year term stand at 7.84%. The rate for a 3-Year term is 6.99% and the 5-Year term is at 6.84%.
Conclusion
The Riverside South real estate market in April 2024 presents a mixed but promising picture. Despite a dip in property prices and extended days on the market, the increase in properties sold and the significant long-term growth in home values indicate a resilient and thriving market. Riverside South continues to outperform the broader Ottawa market, making it a compelling area for both buyers and investors. With mortgage rates on the rise, now might be an opportune moment to consider investing in this dynamic and growing community.
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!
