Market Update September 2024

Posted by admin on October 3, 2024

Market Update

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Market Insight

Currently, the real estate market in both Lanark County and Ottawa has seen shifts compared to the previous year. In Lanark, 948 homes have been sold year-to-date, marking a 1.54% increase from the 930 homes sold in 2023. The average selling price has also risen, reaching $612,709 in 2024 compared to $603,394 last year. However, homes are staying on the market slightly longer, with cumulative days on market (CDOM) increasing from 57 days in 2023 to 64 days in 2024.

Ottawa’s real estate market has experienced a more significant change. By September 2024, 3,856 homes have been sold year-to-date, an increase of 4.79% from the 3,480 homes sold during the same period in 2023. The average selling price has risen as well, moving up to $802,673 from last year’s $765,961. Similar to Lanark, homes are taking a bit longer to sell, with CDOM increasing from 44 days in 2023 to 47 days in 2024.

Both regions are seeing steady growth in home prices, though slightly slower sales in terms of time on the market indicate that buyers may be taking longer to make decisions, perhaps influenced by higher average prices.

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