Market Update July 2024

Ottawa & Lanark County Real Estate Market Update July 2024 statistics are in for another month.

We have seen a decrease in the average sold prices compared to the same time last year in Ottawa by 2.6% which represents average sold price of $735,189. The amount of houses sold did increase form 3529 in 2023 to 4426 homes in 2024.

In Lanark County there were 700 houses sold in 2023 and 715 houses in 2024 with a increase in the average sold price of 3%. The average sold in 2024 is $622,311. Look around at the construction in Lanark County and you can see it being a popular area to move.

Summer trends tend to be a slow time in the real estate market and things will pick up again mid September.

The average day on market (DOM) are 42 days in Ottawa and 63 days in Lanark County.

We did see another interest rate decrease but this hasn’t seen a huge uptick in buyers coming back to the market place.

Bank of Canada Rates