Welcome to all Russell residents and real estate aficionados! We are delighted to bring to you the most recent insights into the Russell real estate market as of October 2023. This report will guide you through the key figures and facts that will form a detailed picture of the current housing landscape in Russell.
Property Prices
A detached single-family home in Russell fetched an average of $771,875 in the month of October 2023. This is an astounding growth of 22.01% compared to the same period last year when prices averaged at $632,625.
Days to Sell
Properties in Russell, on average, remained on the market for around 46 days in October 2023. This is a decline of 12 days compared to the same period last year. When we look back five years to October 2018, the average Days to Sell was 61, showing a significant drop by 15 days.
Properties Sold
In October 2023, five properties changed hands in Russell. This was slightly lower than October 2023, in which six properties sold, indicating a dip of 16.7%. Compared to five years ago in October 2018, when there were ten property transactions, the current situation depicts a decline of 50.0%.
Long-Term Market Growth
The last five years have borne witness to a remarkable increase in property prices in Russell. Average sale prices have surged from $371,778 in 2018 to $771,875 in October 2023, signaling a staggering average growth of $400,097.
Russell vs Ottawa
Intriguing trends emerge when the Russell real estate landscape is compared to Ottawa’s. In October 2023, the average price of a single-family home in Ottawa was approximately $756,543, which is nearly 2.0% less than that in Russell, standing at an average of $771,875.
Posted Mortgage Rates
As we look at the mortgage landscape, as of November 1, 2023, potential homebuyers would expect to see an interest rate of 8.09% for a 1-Year term, 7.24% for a 3-Year term, and 7.04% for a 5-Year term.
Conclusion
In summary, the Russell real estate market, as of October 2023, displays robust growth, with properties fetching a higher value while spending less time on the market. Although the volume of properties sold has dipped, the overall value appreciation demonstrates the region’s attractive return on investment. The fascinating comparison with Ottawa’s broader market further emphasizes Russell’s strong and resilient real estate sector.
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!
