Welcome to all Riverside South residents and real estate enthusiasts! We’re thrilled to present the latest Riverside South real estate market report for September 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 September 2023 in Riverside South has been recorded at $1,031,143. This price reflects a slight decrease of -0.05% compared to last year’s price in September 2022, which was $1,031,667. Despite the minor decline, the market has remained relatively stable.
Days to Sell
The average time on the market in Riverside South for September was 42 days, representing an increase of 4 days from September 2022. Although there has been a slight upward trend in the average days to sell, the market continues to show healthy demand.
Compared to five years ago in September 2018, the average days to sell in September 2023 was 42, a difference of +13 days. This indicates a slower pace in the market compared to previous years, potentially providing buyers with more time to consider their options.
Properties Sold
In September 2023, 14 properties were sold in Riverside South. This represents a decrease of -17.6% compared to September 2022 when 17 properties were sold. Additionally, in September 2018, there were 15 properties sold, showing a slight decline of -6.7% from September 2023. The decrease in the number of properties sold may indicate a shift in market dynamics.
Long-Term Market Growth
Over the past five years, there has been significant growth in property prices for detached single-family homes in Riverside South. Sale prices have increased from an average of $448,729 in 2018 to the current average sales price of $1,031,143 in September 2023, reflecting a remarkable change of +129.79%.
When comparing the average sales price change for different types of homes, detached single-family homes have experienced a significant increase of $448,729, a difference of +77.0% from 2018 to September 2023. Bungalows have seen a change of +35.9%, 2-Story homes +90.8%, and Row/Town homes +64.1%.
Riverside South vs Ottawa
Comparing Riverside South to the broader municipality of Ottawa, we observe fascinating trends. In September 2023, the average sale price for a detached single-family home in Ottawa was around $769,352, reflecting a -25.4% difference compared to Riverside South’s average single-family home price of $1,031,143. This indicates that Riverside South has experienced higher real estate prices, making it an attractive location for homeowners and investors.
Posted Mortgage Rates
As of October 4, 2023, the interest rates for a 1-Year term is 7.84%, the 3-Year term is 7.14%, and the 5-Year term is 7.04%. It’s important for potential buyers to stay updated on mortgage rates to make informed decisions about their real estate investments.
Conclusion
The Riverside South real estate market continues to exhibit stability and long-term growth. Despite a slight decrease in property prices and the number of properties sold compared to previous years, the average sale price for detached single-family homes remains significantly higher than the broader Ottawa area. It’s crucial for buyers and sellers to consult with experienced real estate professionals for detailed insights and guidance in navigating the Riverside South 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!
