Welcome to all Rockland residents and real estate enthusiasts! We’re thrilled to present the latest Rockland real estate market report for March 2024. This month’s report delves into the key statistics that will keep you informed about the current state of the unique housing market in Rockland.
Property Prices
The average sale price for a detached single-family home in Rockland during March 2024 was recorded at $651,100. This represents -4.17% decrease compared to last year’s price of $679,406 for March 2023.
Days to Sell
The average time on the market for properties in Rockland during March was 63 days. This represents a decrease of 1 day compared to last year in March 2023. Interestingly, compared to 5 years ago in March 2019, the average Days to Sell was 46, exhibiting an increase of +16 days.
Properties Sold
In March 2024, there were 12 properties sold in Rockland. This signifies a drastic decrease of -47.8% from last year in March 2023, when 23 properties were sold. Moreover, comparing to 5 years ago in March 2019, when there were 22 properties sold, it shows a decrease of -45.5%.
Long-Term Market Growth
Over the past 5 years, the sales prices for detached homes in Rockland have surged from an average of $345,659 in 2019 to the current average of $651,100 in March 2024. This indicates an average growth of +1.5% which translates to an average equity increase of approximately $305,441 for detached single-family homes in Rockland.
Looking more closely, the average sales price hike for a Bungalow from 2019 to March 2024 is $289,722, a jump of +85.5%. Similarly, a 2-Story home recorded an average sales price increment of $235,369, reflecting +70.5%. Furthermore, a Row/Town home from 2019 to March 2024 posted an average sales price surge of $253,990, a towering difference of +88.7%.
Rockland vs Ottawa
Comparing Rockland to the broader municipality of Ottawa, there are fascinating trends to observe. The average sale price for a detached single-family home in the municipality of Ottawa was approximately $814,750 in March 2024. This is significantly higher (+25.1%) than Rockland’s average single-family home price of $651,100.
Posted Mortgage Rates
As of April 3, 2024, the interest rates for a 1-Year term is at 7.84%, while the 3-Year term is at 6.99%, and the 5-Year term stands at 6.84%.
Conclusion
The Rockland real estate market in March 2024 exhibits significant trends and shifts that reflect broader economic conditions, as well as specific local developments. While the decrease in property prices and sales suggests a challenging market environment, the long-term growth in property values underscores the resilience and potential profitability of investing in Rockland real estate. Potential homeowners and investors should consider these factors carefully to make informed decisions. As always, staying updated with the latest market trends is crucial in navigating the complexities of real estate investment.
All real estate statistics have been obtained from data reported by the Ottawa Real Estate Board’s MLS System. Our search criteria have been meticulously curated to ensure more accurate stats for smaller regions, like Rockland. While all figures are believed accurate, they may not be guaranteed as calculating statistics are a human task, prone to minimal errors.
