October 2024 Ottawa Real Estate Market Update

Nov 4

By Charlene Weber, Real Estate Agent at New Purveyors, RE/MAX Hallmark

The 2024 real estate market has been an eventful one, and as we head deeper into the fall, it's a good time to look at how Ottawa's residential, single-family, townhome, and condo markets have performed year-to-date. Here's a breakdown of where we stand so far, along with some insights into what this means for buyers, sellers, and investors.

Year-to-Date Residential Sales

Total Residential Sales: 11,662 (up 9.4%)
Average Sales Price: $678,081 (up 0.9%)
Months of Inventory: 2.6 (compared to 2.2 last year)

The residential market in Ottawa has seen steady growth with a 9.4% increase in total sales. The average sales price has edged up slightly, reflecting ongoing demand. While inventory has increased to 2.6 months (from 2.2 last year), this still indicates a seller’s market.

Year-to-Date Single Family Home Sales

Total Sales: 6,175 (up 12.7%)
Average Sales Price: $823,802 (down 0.2%)
Months of Inventory: 2.9 (compared to 2.6 last year)

Single-family homes continue to be a popular choice, with a significant 12.7% rise in total sales. The average price has remained stable, with a very slight decrease of 0.2%. Inventory here has risen to 2.9 months, suggesting a slight softening, though competition is still strong.

Year-to-Date Townhome Sales

Total Sales: 3,734 (up 9.1%)
Average Sales Price: $549,361 (up 0.3%)
Months of Inventory: 1.9 (compared to 1.6 last year)

Townhomes have seen a 9.1% increase in sales, with prices holding steady at a 0.3% With inventory sitting at 1.9 months (up from 1.6), townhomes remain a sought-after option, especially for those looking for a balance between affordability and space. This category is likely to stay competitive as demand persists.

Year-to-Date Condo Sales

Total Sales: 1,706 (down 0.5%)
Average Sales Price: $444,124 (up 0.9%)
Months of Inventory: 3.3 (compared to 2.5 last year)

The condo market in Ottawa is experiencing a slight dip in total sales, down 0.5%, but with a slight increase in the average price. Inventory in this segment has grown to 3.3 months, a noticeable increase from last year’s 2.5 months, giving buyers a bit more breathing room. This might be good news for those looking to enter the market or invest in condos, as they now have more options. For sellers, a well-planned pricing strategy is now even more essential.

What This Means for You

Ottawa’s real estate market remains active, offering unique opportunities for both buyers and sellers. With a recent decrease in interest rates and another potential cut expected in December, increased buyer affordability is driving more activity in single-family homes and townhomes, while condo sales have seen a slight dip as buyers shift their focus. The market overall is showing signs of continued growth, with inventory seeing a modest increase. Whether you’re interested in a single-family home, townhome, or condo, I’m here to guide you through Ottawa’s evolving market and help you make the most informed decision for your unique needs.

If you’d like to discuss these trends or explore opportunities in the Ottawa market, feel free to reach out—I’m here to support your real estate journey.