Welcome to all Rockland residents and real estate enthusiasts! We’re thrilled to present the latest Rockland real estate market report for February 2024. Our dive into key statistics in this report will keep you informed about the current state of the unique housing market in Rockland.
Property Prices
The property prices in Rockland have experienced a downturn. The average sale price for a detached single-family home in February 2024 was $592,077, showing a reduction of 13.22% against last year’s price in February 2023 which stood at $682,311.
Days to Sell
In February 2024, properties in Rockland spent an average of 61 days on the market. This displays a reduction of 35 days as compared to February 2023. However, compared to 5 years ago in February 2019, when the average Days to Sell was 46, there has been an increase of +14 days.
Properties Sold
February 2024 witnessed a total of 21 properties exchanging hands in Rockland. This represents an increase of 16.7% from February 2023, which recorded 18 properties sold. However, comparing the sales to that of February 2019, the number remains the same at 21.
Long-Term Market Growth
Despite the decrease in property prices over the past year, the long-term growth in Rockland’s real estate market is positive. In the last 5 years, sale prices for detached homes in Rockland have increased from an average of $345,659 in 2019 to an average of $592,077 in February 2024. This equates to an average equity increase of approximately $246,418 for detached single-family homes.
In terms of property types, bungalows saw an average sales price increase of $225,772 (+66.7%) from 2019 to February 2024. Two-story homes and row/town homes experienced even higher gains, with an increase of $261,712 (+78.4%) and $250,624 (+87.5%) respectively over the same period.
Rockland vs Ottawa
In comparison to Ottawa’s broader municipality, some interesting trends are emerging. The average sale price for a detached single-family home in Ottawa was around $705,443 in February 2024, which is 19.1% higher than Rockland’s average single-family home price of $592,077.
Posted Mortgage Rates
As of February 27, 2024, the interest rates for mortgages stood at 7.84% for a 1-Year term, 6.99% for a 3-Year term, and 6.84% for a 5-Year term.
Conclusion
The February 2024 Rockland real estate market report highlights both challenges and opportunities for buyers and sellers alike. While property prices have experienced a recent downturn, the market remains dynamic, with properties spending fewer days on the market compared to the previous year. Long-term growth indicators show positive trends, particularly in the appreciation of property values over the past five years. Understanding these trends can empower individuals to make informed decisions in the Rockland real estate 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. Despite our attention to detail, all figures should be approached with a degree of caution – we are human, after all!
