Market Update October 2024

Posted by admin on November 7, 2024

Market Update

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Market Insight

In Ottawa, the market is showing steady growth. Year-to-date, 3,697 homes have changed hands, compared to 3,358 at this point in 2023. That’s a solid increase, alongside a slight price bump. The average sale price for homes in Ottawa has risen to $740,595, reflecting a 1.38% increase from last year’s $730,518. Properties are moving just a tad slower, with the average days on market (CDOM) ticking up to 49 days from 45 in 2023.

Lanark, with its serene appeal, isn’t slowing down either. So far in 2024, 1,066 homes have sold, up from 1,012 in 2023. The average sale price saw a more pronounced lift, reaching $613,435—a 1.90% increase from $602,021 last year. The CDOM for Lanark is now at 64 days, compared to 56 days in 2023.

These October numbers hint at a resilient market in both Ottawa and Lanark County, with gradual price increases and a steady flow of sales that speak to the areas’ appeal.

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