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 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 September 2024 for Riverside South has been recorded at $1,043,972, which reflects a 1.24% increase compared to last year’s price of $1,031,143 for September 2023.
Days to Sell
The average time on the market in Riverside South for September was 51 days, representing an increase of 9 days from last year in September 2023. Back in September 2019, the average Days to Sell was 22, highlighting a significant difference of 29 days in the market dynamics over the years.
Properties Sold
In September 2024, there were 23 properties sold. Last year, in September 2023, there were 14 properties sold, showing a substantial difference of 64.3%. Five years ago, in September 2019, there were 25 properties sold, an 8.0% decrease compared to September 2024.
Long-Term Market Growth
In the last five years, sale prices for detached homes in Riverside South have risen from an average of $608,750 in 2019 to the current average sales price of $1,043,972 in September 2024. This reflects a notable increase, providing an average equity boost of approximately $435,222 for detached single-family homes in Riverside South.
To break this down further, the average sales price change for a Bungalow from 2019 to September 2024 is $357,157, a difference of 73.1%. For a 2-Story home, the change is $216,402, reflecting a 44.8% increase. Row/Town homes experienced a rise of $246,402, equating to a 60.0% increase.
Riverside South vs Ottawa
Comparing Riverside South to the broader municipality of Ottawa, we find fascinating trends emerging. In September 2024, the average sale price for a detached single-family home in Ottawa was approximately $886,417, which is 15.1% lower than Riverside South’s average single-family home price of $1,043,972.
Posted Mortgage Rates
As of October 9, 2024, the interest rates are as follows: a 1-Year term is 7.24%, a 3-Year term is 6.54%, and a 5-Year term is 6.49%.
Conclusion
The Riverside South real estate market continues to showcase a blend of growth and resilience. With rising property prices, increased selling times, and significant long-term growth, Riverside South stands out as a vibrant part of the Ottawa region. These insights can serve as a valuable reference for prospective buyers, sellers, and investors in the district.
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!
