Greetings Rockland residents and real estate aficionados! It is our pleasure to share with you the latest Rockland real estate market report for December 2023. In this month’s report, we’ll explore essential insights about the market’s current state, focusing on Rockland’s unique housing landscape.
Property Prices
In December 2023, the average sale price for a detached single-family home in Rockland was recorded at $745,667. This statistic represents a significant jump of 34.48% compared to the last year’s December price of $554,500. What an incredible surge!
Days to Sell
An average property in Rockland took approximately 76 days to sell in December 2023, marking an increase of 14 days from the corresponding period in 2022. However, in a comparative context with five years ago—December 2018, when the Days to Sell was 97—we observe a noteworthy reduction of 20 days.
Properties Sold
A total of 11 properties were sold in December 2023, which reflects an impressive increase of 37.5% compared to December 2022 when 8 properties found new homeowners. However, when compared to five years ago in December 2018, when 13 properties were sold, we see a decrease of 15.4%.
Long-Term Market Growth
Over the past five years, sale prices have shown a significant upward trend. The average property price has climbed from $422,708 in 2018 to a remarkable $745,667 in December 2023, reflecting an increase of 76.40%. Various property types exhibited proportionately strong growth during this period, with the most remarkable being a detached single-family home, witnessing a whooping surge of 130.9%!
Rockland vs Ottawa
Comparisons with the broader Ottawa municipality throw some intriguing trends. In December 2023, the average sale price for a detached single-family home in the Ottawa area was about $808,874. This value is slightly higher, approximately 8.5%, than Rockland’s average single-family home price of $745,667.
Posted Mortgage Rates
As of recent data on November 29, 2023, the interest rates stood at 8.09% for a 1-Year term, 7.24% for a 3-Year term, and 7.04% for a 5-Year term.
Conclusion
The real estate market in Rockland, Ontario, has showcased tremendous resilience and upward mobility, especially seen in the context of the last five years. Although there might be minor fluctuations when scrutinizing monthly or yearly data, the long-term view paints a picture of steady growth and enduring investment opportunities. Whether you’re a seasoned-homeowner or a first-time buyer, understanding these shifts allows for informed decision-making in your property journey.
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!
