Welcome to all Russell residents and real estate enthusiasts! We’re thrilled to present the latest Russell 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 Russell.
Property Prices
The average sale price for a detached single-family home in September 2023 for Russell has been recorded at $708,743, which reflects a decrease of 5.46% compared to last year’s price of $749,700 for September 2022. This decrease suggests a slight correction in the market. However, it’s important to note that Russell’s real estate market remains strong, with prices significantly higher compared to five years ago.
Days to Sell
The average time on the market in Russell for September was 57 days, which represents an increase of 12 days from last year in September 2022. Although properties are staying on the market for a bit longer, they are still selling relatively quickly. When compared to five years ago in September 2018, the average days to sell has decreased by 4 days, indicating an overall positive trend in the market.
Properties Sold
In September 2023, there were 7 properties sold. This is a decrease of 36.4% compared to last year, where 11 properties were sold in September 2022. However, compared to five years ago in September 2018, there has been an increase of 16.7% in the number of properties sold, highlighting a positive long-term trend in sales.
Long-Term Market Growth
Over the past five years, Russell has experienced significant growth in property prices. The average sales price for a detached single-family home has increased by 110.33%, from $336,965 in 2018 to $708,743 in September 2023. This substantial growth underscores the desirability and value of real estate in Russell.
When analyzing specific property types, the average sales price change from 2018 to September 2023 is as follows: a detached single-family home shows a difference of $336,965 or 90.6%, a Bungalow shows a difference of $240,164 or 68.3%, a 2-Story home shows a difference of $380,169 or 102.4%, and a Row/Town home shows a difference of $286,857 or 90.2%. These variations within different property types highlight the diversity and opportunities available in the Russell real estate market.
Russell vs Ottawa
Comparing Russell to the broader municipality of Ottawa, we can observe interesting trends. In September 2023, the average sale price for a detached single-family home in Ottawa was around $769,352, which is 8.6% higher compared to Russell’s average single-family home price of $708,743. While Ottawa has seen slightly higher prices, the market in Russell still remains attractive to potential buyers, offering slightly more affordable options.
Posted Mortgage Rates
As of October 4, 2023, the interest rates for various mortgage terms in Russell are as follows: for a 1-Year term, the rate is 7.84%, for a 3-Year term, the rate is 7.14%, and for a 5-Year term, the rate is 7.04%. These rates serve as important information for homebuyers and highlight the current lending conditions in the area.
Conclusion
The Russell real estate market in September 2023 has shown some interesting trends. While there has been a decrease in property prices and an increase in the average days to sell, the long-term market growth demonstrates the resilience and value of real estate in Russell. With a variety of property types available and slightly more affordable prices compared to Ottawa, Russell remains an attractive option for homebuyers.
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!
