Welcome to all Russell residents and real estate enthusiasts! We’re thrilled to present the latest Russell real estate market report for January 2024. This report provides key statistics, keeping you informed about the unique housing market in Russell.
Property Prices
The current real estate landscape in Russell shows a robust escalation in property prices. The average sale price for a detached single-family home in January 2024 for Russell is recorded at $955,000, reflecting a commendable rise of 39.42% compared to last year’s price of $685,000 for January 2023.
Days to Sell
As for the average time a property is on the market, it stood at 65 days in January 2024, a decrease of 23 days from January 2023. Interestingly, the average Days to Sell in January 2019 was only 38, indicating a change of +27 days over the five year period.
Properties Sold
Analyzing the figures on properties sold, there has been a notable fluctuation. In January 2024, only 2 properties changed hands compared to 4 properties in the same month of the previous year, representing a difference of -50.0%. A comparison with figures from 5 years ago reveals an even steeper decline with January 2019 witnessing 23 properties sold, a striking difference of -91.3% from January 2024.
Long-Term Market Growth
Nonetheless, the market growth over the long term provides optimism. Over the last 5 years, sale prices for detached homes in Russell have surged from an average of $402,330 in 2019 to the current average sales price of $955,000 in January 2024, marking an average equity increase of a staggering $545,336.
Breaking it down further, Bungalows have seen an average sales price change of $415,622 (+105.4%), 2-Story homes have seen an average sales price change of $217,902 [+54.0%], and Row/Town homes an average sales price change of $316,473 [+90.8%] from 2019 to January 2024.
Russell vs Ottawa
Drawing comparisons between Russell and the broader municipality of Ottawa, fascinating trends emerge. The average sale price for a detached single-family home in Ottawa was around $731,193 in January 2024, a significant -23.4% less compared to Russell’s average single-family home price of $955,000.
Posted Mortgage Rates
Finally, let’s delve into the mortgage rates. As of January 31, 2024, the interest rates for a 1-Year term stood at 7.84% while the 3-Year term at 7.04%, with the 5-Year term trailing slightly behind at 6.89%.
Conclusion
The real estate market in Russell has exhibited notable dynamics in January 2024. While property prices have experienced a commendable surge compared to the previous year, the number of properties sold has declined, albeit with long-term market growth showing promise.
Despite fluctuations, Russell maintains its allure with comparatively higher property prices compared to Ottawa. Additionally, mortgage rates remain stable, albeit at relatively higher levels. This market report underscores the importance of staying informed and adaptable in navigating the ever-evolving landscape of Russell’s 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. All figures are believed accurate but may not be guaranteed – we are human after all!
