Welcome to all Rockland residents and all lovers of real estate! This January 2024, we’re at your service to provide the latest report on the Rockland real estate market. Our monthly reports aim to bring you key statistics to get you up-to-date on housing market trends in our distinctive community.
Property Prices
Digging into the real estate data of January 2024, the average selling price of a detached single-family home in Rockland comes in at $598,100. When juxtaposed with the previous year’s record for the same month, a growth of 3.26% is seen from a figure of $579,222 in January 2023.
Days to Sell
In January 2024, property listings in Rockland stayed on the market for an average of 103 days. This represents a hike of +42 days from last year in the same period in January 2023. Looking back even further, in comparison to the average of 46 days it took to offload properties 5 years ago in January 2019, the current figure shows a jump of +57 days.
Properties Sold
Within the first month of this new year, 12 properties in Rockland found new owners. In January 2023, a total of 13 properties were sold, implying a -7.7% drop in volume compared to 2024. Zooming out to a half-decade ago, in January 2019, we also recorded 12 properties sold which is level with sales in January 2024.
Long-Term Market Growth
Focusing our lens on market performance over the past 5 years, we have witnessed the average sale price of detached houses grow from $345,659 in 2019 to a strong $598,100 as of January 2024. Applies to bungalow, 2-story home, and row/townhome with their respective sales price changes as: $195,272 (+57.6%), $232,918 (+69.8%), and $233,111 (+81.4%).
Rockland vs Ottawa
When placing Rockland’s housing market beside the wider Ottawa municipality, we note an interesting dichotomy. With the average sale price of detached homes in Ottawa for January 2024 set at $731,193, it is evident Rockland’s average home price of $598,100 trails by +22.3%.
Posted Mortgage Rates
As we closed the month of January 2024, mortgage interest rates stood at 7.84% for 1-Year terms, 7.04% for a 3-Year term, and 5-Year term rates at 6.89%.
Conclusion
The Rockland real estate market in January 2024 reflects a continued trend of growth, albeit at a slightly slower pace compared to previous years. Despite a slight decrease in the volume of properties sold compared to the previous year, property prices continue to rise steadily, showcasing the resilience and attractiveness of Rockland’s housing market. Furthermore, when compared to the broader Ottawa area, Rockland maintains its appeal with relatively lower average home prices. With mortgage rates remaining stable, it’s a promising time for both buyers and sellers in Rockland’s real estate landscape.
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. While we strive for accuracy in these statistics, they may not be guaranteed. After all, we are only human!
