Welcome to all Riverside South residents and real estate enthusiasts! We’re thrilled to present the latest Riverside South real estate market report for August 2023. 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 August 2023 for Riverside South has been recorded at $1,060,980, reflecting an 8.64% increase compared to last year’s price of $976,632 in August 2022.
Days to Sell
The average time on the market in Riverside South for August was 35 days, which is 6 days longer than August 2022.
Properties Sold
In August 2023, 21 properties were sold in Riverside South. This represents a decrease of 19.2% compared to the 26 properties sold in August 2022.
Long-Term Market Growth
Over the past five years, sale prices in Riverside South have experienced significant growth. The average sale price for detached single-family homes has increased by 121.70%, from $478,566 in 2018 to $1,060,980 in August 2023.
Different Types of Homes
When looking at specific types of homes, the average sales price change from 2018 to August 2023 is as follows:
- Detached Single-Family Home: +82.2%
- Bungalow: +35.9%
- 2-Story Home: +75.9%
- Row/Town Home: +80.7%
Riverside South vs Ottawa
Comparing Riverside South to the broader municipality of Ottawa, we observe interesting trends. In August 2023, the average sale price for a detached single-family home in Ottawa was around $753,096, which is 29.0% lower than the average price in Riverside South.
Posted Mortgage Rates
As of September 6, 2023, the interest rates for mortgages in Riverside South stood at 7.89% for a 1-Year term, 7.04% for a 3-Year term, and 6.84% for a 5-Year term.
Conclusion
The Riverside South real estate market continues to show strength and growth. With average sale prices for detached single-family homes increasing and a steady demand, it is an exciting time for homeowners and investors in the area. Keep an eye on the Riverside South market as we move forward to see how it evolves and presents new opportunities.
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!
