The Riverside South real estate market continues to show stability and growth, with the average property price in July 2023 standing at $762,460.
Property Prices
With the average detached single family home selling for $986,000 in July 2023, this figure indicates a slight decrease of -0.3% compared to the same period in 2022.
Long-Term Market Growth
The average price experienced a considerable increase of 71.3%, reaching $415,286 from 2018. This demonstrates the overall market growth and attractiveness of the area for potential buyers. Moreover, the median selling time also rose by 18 days from 2018, reaffirming the trend of a slightly longer selling cycle.
Days to Sell
One noteworthy aspect of the market in Riverside South is the average time it takes to sell a property. In July 2023, the median selling period reached 42 days, marking an increase of 15 days from the previous year. Despite this longer selling cycle, the number of sales decreased significantly by -57.1%, with only 15 properties being sold in July 2023 compared to 35 in July 2022.
Number of Sales
Comparing July 2023 to July 2018, there was a decrease of -40.0% in the number of properties sold, with 15 transactions reported in July 2023 compared to 25 in July 2018. This decline suggests a shift in the market dynamics, potentially impacting buyer demand and supply levels in Riverside South.
Riverside South vs Ottawa
When compared to the broader Ottawa market, the Riverside South market is slightly more affordable, with the average property price in July 2023 standing at $916,336, representing a -7.1% difference from the average of $986,000 in Riverside South. Additionally, the median selling time in the Ottawa market is 26 days, indicating a similar trend to Riverside South.
Posted Mortgage Rates
As of August 2, 2023, the rates for 1, 3, and 5-year terms stand at 7.79%, 6.95%, and 6.79%, respectively. These rates may impact buyer decisions and the overall affordability of properties in Riverside South.
Conclusion
The real estate market in Riverside South remains strong, with slight fluctuations in property prices and selling dynamics. The future outlook for the market is promising, considering the overall growth in property values and the sustained interest from buyers. Whether you are a buyer or seller in the area, staying informed about market trends and seeking professional advice is crucial for making informed decisions in this dynamic 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. All figures are believed accurate but may not be guaranteed – we are human after all!
