September 2024 Ottawa Real Estate Market Update: What You Need to Know

Oct 8

We have the latest Ottawa real estate market update for September 2024, and there are some interesting trends you might want to keep an eye on. Whether you're buying, selling, or just curious about the market, here’s a quick summary of how things are shaping up this month.

Market Highlights:

Single-Family Homes:

Average Sale Price: $776,984 (+1.1%)
Sold Listings: 649 (+8.5%)
Median Days to Sell: 35 days (+6 days)
Inventory: 2783 homes (4.3 months)

The average price for single-family homes continues to rise, up by 1.1% from this time last year. More listings have sold, and although homes are staying on the market a little longer, buyer interest remains strong.

Townhouses:

Average Sale Price: $635,890 (+2.3%)
Sold Listings: 290 (+10.9%)
Median Days to Sell: 20 days (+6 days)
Inventory: 820 homes (2.8 months)

Townhouses have seen the most significant growth in sales, with a 10.9% increase in the number of sold listings and a solid 2.3% bump in average prices. Like single-family homes, townhouses are taking slightly longer to sell, but the demand remains high.

Apartments:

Average Sale Price: $428,422 (-1.9%)
Sold Listings: 264 (+5.4%)
Median Days to Sell: 39 days (+10 days)
Inventory: 995 units (3.8 months)

The apartment market is the only segment that saw a dip in average sale price, down by 1.9%. However, with sold listings up by 5.4%, buyers are still actively looking for apartment units, even if they are taking a bit more time to make decisions.

What Does This Mean for You?

For Buyers:

Now could be a great time to get into the market, especially with slightly higher inventory across the board. More options mean you can take your time to find the right property for you. But don’t wait too long—the Ottawa market has a history of heating up quickly, and with interest rates possibly on the move, it’s essential to get pre-approved for a mortgage to lock in a rate. Being prepared will give you an edge when competition starts to pick up again.

For Sellers:

If you’re selling a single-family home or townhouse, the market is working in your favour. Prices are holding strong, and the number of sold listings continues to rise, indicating a high level of buyer interest. However, with homes taking a little longer to sell, it's crucial to price your property competitively and market it effectively to stand out. A well-priced and well-marketed property will still perform well in this market.

If you're considering selling an apartment, now might be a good time to do so before prices soften further. With demand still present, especially from first-time buyers and investors, apartments are still moving, even if prices have dipped slightly.

What to Watch Next:

With median days to sell increasing across all property types, it suggests that buyers are being more cautious in their decision-making. However, don’t let that fool you—buyer interest remains strong, and with inventory levels still fairly healthy, the market is balanced for both buyers and sellers. Keep an eye on interest rate announcements in the coming months, as they could impact buying power and market activity heading into the fall season.

Whether you’re thinking of buying, selling, or just keeping tabs on the market, staying informed is key to making the best decisions. With the Ottawa market continuing to evolve, now’s the time to act if you're ready to make a move.

Feel free to reach out if you need personalized advice or assistance in navigating the current real estate landscape!