Welcome to all Rockland residents and real estate enthusiasts! We’re thrilled to present the latest Rockland real estate market report for August 2023. 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 Rockland.
Property Prices:
The average sale price for a detached single-family home in August 2023 for Rockland has been recorded at $618,942, which reflects an increase of 8.95% compared to last year’s price of $568,100 for August 2022.
Days to Sell:
The average time on the market in Rockland for August was 50 days, representing an increase of 17 days from August 2022. However, compared to 5 years ago in August 2018, the average days to sell has significantly decreased by 47 days.
Properties Sold:
In August 2023, there were 17 properties sold in Rockland, the same as last year. However, compared to August 2018, there has been a decrease of 26.1% in the number of properties sold.
Long-Term Market Growth:
Over the past 5 years, there has been a significant growth in property prices for detached single-family homes in Rockland. The average sales price has increased from $295,983 in 2018 to the current average of $618,942 in August 2023, which represents a change of 109.11%.
Rockland vs Ottawa:
Comparing Rockland to the broader municipality of Ottawa, we find fascinating trends. In August 2023, the average sale price for a detached single-family home in Ottawa was around $753,096, which is 21.7% higher than Rockland’s average single-family home price of $618,942.
Posted Mortgage Rates:
As of September 6, 2023, the interest rates for mortgages in Rockland are as follows: 1-Year term – 7.89%, 3-Year term – 7.04%, and 5-Year term – 6.84%.
Conclusion:
The Rockland real estate market continues to show growth in property prices, with a significant increase over the past 5 years. Despite a slight increase in the average days to sell, the number of properties sold remains stable. When compared to Ottawa, Rockland offers a more affordable option for buyers. It is important to consider the current mortgage rates when making any real estate decisions in Rockland. Overall, the market in Rockland proves to be a promising and thriving destination for homeowners and investors alike.
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!
