Welcome to all Stittsville residents and real estate enthusiasts! We’re thrilled to present the latest Stittsville real estate market report for April 2024. 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 Stittsville.
Property Prices
The average sale price for a detached single-family home in April 2024 for Stittsville has been recorded at $906,134, which reflects -2.64% compared to last year’s price of $930,672 for April 2023.
Days to Sell
The average time on the market in Stittsville for April 2024 was 32 days. This period is shorter by 3 days than the average from last year in April 2023. It’s important to note that compared to 5 years ago in April 2019, where the average Days to Sell was 26, the current figure is longer by +6 days.
Properties Sold
In April 2024, there were 50 properties sold in Stittsville. When compared to last year’s 51, it shows a slight decrease of -2.0 %. Nonetheless, this figure is significantly lower than 5 years ago, in April 2019, when 79 properties were sold, a difference of -36.7% from April 2024.
Long-Term Market Growth
Over the past five years, we have seen significant growth in the Stittsville real estate market. Sale prices for detached homes have skyrocketed from an average of $565,581 in 2019 to the current average sales price of $906,134 in April 2024. This reflects an average annual growth of +1.0% and represents an average equity increase of approximately $340,553 for detached single-family homes in Stittsville.
Breaking this down further, the growth rates for various property types from 2019 to April 2024 were; Bungalows at +46.5% ($241,026), 2-Story homes at +58.4% ($310,534), and Row/Town homes at +42.8% ($178,414).
Stittsville vs Ottawa
Stittsville’s average single-family home price of $906,134 in April 2024 is quite competitive when compared to the broader municipality of Ottawa, which recorded an average sale price of around $926,031. This is a variance of +2.2%, making Stittsville an attractive option for prospective homeowners or investors.
Posted Mortgage Rates
As of May 1, 2024, the interest rates stand as follows – a 1-Year term is at 7.84%, the 3-Year term at 6.99%, and the 5-Year term benching at 6.84%.
Conclusion
As we wrap up this comprehensive analysis of the Stittsville real estate market for April 2024, it’s evident that while there are fluctuations, the overall trend remains positive. Despite a slight dip in prices and the number of properties sold compared to last year, the long-term growth showcases Stittsville as a resilient and promising area for real estate investment. Whether you’re considering buying or selling, staying informed with these market insights can help you make well-informed decisions in this dynamic landscape.
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!
