Welcome to all Rockland residents and real estate enthusiasts! We’re thrilled to present the latest Rockland real estate market report for September 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 September 2023 for Rockland has been recorded at $549,221, reflecting a 1.77% increase compared to last year’s price of $539,683 in September 2022. This indicates a steady growth in property prices in Rockland.
Days to Sell
The average time on the market in Rockland for September was 58 days, representing an increase of 10 days from September 2022. However, when compared to September 2018, the average days to sell has significantly decreased by 38 days, indicating a faster pace of sales in the current market.
Properties Sold
In September 2023, there were 13 properties sold in Rockland, showing a 30% increase compared to the previous year. However, when compared to September 2018, there has been a decline of 51.9% in the number of properties sold. This suggests a fluctuating market in terms of the volume of sales.
Long-Term Market Growth
Over the last 5 years, sale prices for detached single-family homes in Rockland have experienced substantial growth. The average sale price has increased from $226,263 in 2018 to $549,221 in September 2023, reflecting a significant change of +142.74%. This indicates a strong long-term market growth in Rockland.
Rockland vs Ottawa
Comparing Rockland to the broader municipality of Ottawa, we find fascinating trends emerging. In September 2023, the average sale price for a detached single-family home in Ottawa was around $769,352, which is +40.1% higher than Rockland’s average single-family home price. This suggests that Rockland offers more affordable housing options compared to the larger Ottawa area.
Mortgage Rates
If you are looking to enter the Rockland real estate market, it’s important to consider the mortgage rates offered. As of October 4, 2023, the interest rates for a 1-Year term is 7.84%, the 3-Year term is 7.14%, and the 5-Year term is 7.04%. Keeping an eye on these rates can help you make informed decisions about your real estate investments.
Conclusion
The Rockland real estate market has shown steady growth in property prices and an increase in the number of properties sold compared to the previous year. The long-term market growth is impressive, and Rockland continues to offer more affordable housing options compared to the broader municipality of Ottawa. It’s important to stay informed about the current trends in the Rockland real estate market to make well-informed decisions.
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!
