Welcome to all Stittsville residents and real estate enthusiasts! We’re thrilled to present the latest Stittsville real estate market report for September 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 September 2024 for Stittsville has been recorded at $860,090, which reflects a 6.36% increase compared to last year’s price of $808,682 for September 2023.
Days to Sell
The average time on the market in Stittsville for September was 46 days, representing an increase of 5 days from September 2023. Compared to 5 years ago, in September 2019, the average Days to Sell was 26, marking a notable difference of 20 more days now.
Properties Sold
In September 2024, there were 39 properties sold. Last year, in September 2023, there were 28 properties sold, showing a significant increase of 39.3%. However, 5 years ago, in September 2019, there were 51 properties sold, reflecting a decrease of 23.5% from September 2024.
Long-Term Market Growth
In the last 5 years, sale prices for detached homes in Stittsville have risen from an average of $565,581 in 2019 to the current average sales price of $860,090 in September 2024. This signifies an average difference of 52.2%, representing an average equity increase of approximately $294,509 for detached single-family homes in Stittsville.
To break this down further, the average sales price change for a Bungalow from 2019 to September 2024 is $275,444, a difference of 53.1%. The average sales price change for a 2-Story home from 2019 to September 2024 is $296,156, a difference of 55.7%. The average sales price change for a Row/Town home from 2019 to September 2024 is $236,014, a difference of 56.6%.
Stittsville vs Ottawa
Comparing Stittsville to the broader municipality of Ottawa, we find fascinating trends emerging. In September 2024, the average sale price for a detached single-family home in the municipality of Ottawa was around $886,417, 3.1% higher compared to Stittsville’s average single-family home price of $860,090.
Posted Mortgage Rates
As of October 9, 2024, the interest rates for a 1-Year term are 7.24%, the 3-Year term is 6.54%, and the 5-Year term is 6.49%.
Conclusion
In conclusion, the Stittsville real estate market is showing a mixture of growth and challenges. While property prices have appreciated significantly over the past five years, there’s also an increase in the days it takes to sell a property. Comparing Stittsville with Ottawa offers further insights into its unique market dynamics, as does the current landscape with rising interest rates. Whether you’re a buyer or seller, being well-informed is key in navigating these changing times.
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!
