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Market Update May 2024

Posted by admin on June 5, 2024

Market Insights

The real estate scene in Ottawa and Lanark County is buzzing this May 2024! Let’s dive into the numbers and see what’s happening.

In Ottawa, things are looking up. Last year, 2,870 houses were sold, and now in 2024, that number has jumped to 2,974. Not only are more homes being sold, but prices are also inching higher. The average sale price in 2024 reached $745,020, which is a 1.06% increase from the previous year. The average days on the market (CDOM) held steady at 43 days for both 2023 and 2024.

Lanark County, with its quieter appeal, is also making waves in real estate. Home sales rose from 447 in 2023 to 474 in 2024. Additionally, the average sale price went up by about 1.50% to $621,638, while the CDOM stayed constant at 64 days.

Overall, both Ottawa and Lanark County are showing solid signs of growth and stability in their real estate markets.

The Bank of Canada announced a decrease in the overnight rate.  Read the full article here.

Bank of Canada Rates

Statistics Graph – May 2024

May 2024 Market Update

For more details on the Ottawa & Lanark County Real Estate Market Update May 2024 click here or the above graph

Stay tuned for more real estate insights and tips next month

Reach out if you want to discuss your local neighbourhood statistics.

Download the PDF – May 2024 Market Snapshot

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