Welcome to all Russell residents and real estate enthusiasts! We’re thrilled to present the latest Russell 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 Russell.
Property Prices
The average sale price for a detached single-family home in August 2023 in Russell has been recorded at $708,133, which reflects a decrease of 12.88% compared to last year’s price of $812,780 in August 2022.
Days to Sell
The average time on the market in Russell for August was 61 days, representing an increase of 21 days compared to August 2022.
Properties Sold
In August 2023, there were 12 properties sold, which is double the number of properties sold compared to the same month last year. In August 2018, the number of properties sold was also 6.
Long-Term Market Growth
Over the past 5 years, the average sale price for detached single-family homes in Russell has increased from $336,355 in 2018 to the current average sales price of $708,133 in August 2023. This marks a significant change of 110.53% in property prices.
Comparing Russell to Ottawa
When comparing Russell to the broader municipality of Ottawa, we find some fascinating trends. In August 2023, the average sale price for a detached single-family home in Ottawa was approximately $753,096, which is a 6.3% increase compared to Russell’s average single-family home price of $708,133.
Posted Mortgage Rates
As of September 6, 2023, the interest rates for mortgage terms are as follows: 1-Year term – 7.89%, 3-Year term – 7.04%, and 5-Year term – 6.84%.
Conclusion
The Russell real estate market in August 2023 has seen a decrease in average property prices compared to the previous year. However, over the past 5 years, there has been substantial long-term market growth, with a significant increase in average sale prices. It is also interesting to note the comparison between Russell and Ottawa, with Russell experiencing a slightly lower average sale price for detached single-family homes.
Please note that all real estate statistics have been obtained from data reported by the Ottawa Real Estate Board’s MLS System. While we strive to provide accurate figures, we acknowledge that human error can occur.
