Welcome to all Russell residents and real estate enthusiasts! We’re thrilled to present the latest Russell real estate market report for December 2023. In this in-depth analysis, we will delve into key statistics that are shaping the current state of the distinctive housing market in Russell.
Property Prices
December 2023 saw a significant shift in the Russell real estate landscape — with the average sale price for a detached single-family home at $614,167, comparing to last year’s average price of $780,000 for December 2022, witnessing a reduction of -21.26%.
Days to Sell
The dynamics of sales timelines experienced an uptick in December. On average, a property remained on the market for 78 days, reflecting an additional 34 days from the previous year in December 2022. A comparison with December 2018 uncovers an overall increase of +17 days for properties to sell in Russell.
Properties Sold
The tally of properties sold in Russell is another plot to study. In December 2023, a total of 7 properties were sold — incidentally representing a surge of +250.0% compared to December 2022 when only 2 properties were sold. However, compared to 5 years ago when 16 properties were sold, December 2023 shows a reduction of 56.3%.
Long-Term Market Growth
Prices of detached single-family homes in Russell have jumped an average of $242,388 from 2018 to $614,167 in December 2023, marking an impressive rise of +65.2%.
Housing categories share an independent story with detached single-family homes having an average price change of +65.2%, while bungalows and 2-Story homes shifted positively with +79.4% and +67.4% respectively. As for the row/townhomes, they experienced an enormous positive change of +95.4% from 2018 to December 2023.
Russell vs Ottawa
When juxtaposing Russell’s housing market with Ottawa’s broader ambit, compelling variations come to light. In December 2023, Ottawa’s average sale price for a detached single-family home was $808,874 indicates an uplift of +31.7% when compared with Russell’s $614,167.
Posted Mortgage Rates
The mortgage rates conclude part of our analysis. As of November 29, 2023, the interest rates for a 1-Year term was 8.09%, for the 3-Year term stood at 7.24%, and the 5-Year term had an interest rate of 7.04%.
Conclusion
In conclusion, December 2023 projected a mixed array of industry dynamics for the Russell real estate market. From experiencing price adjustments and changes in sales timelines to contrasting comparisons with Ottawa’s market, Russell’s real estate scene is continually evolving.
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!
