Source: OREB
What happened in the Ottawa market in May 2024?
April showers bring May flowers, they say? This May, it certainly brought a bouquet of homes to the Ottawa market! Despite a slight dip in the number of homes sold in May 2024, we witnessed a surge in new and active listings on the Ottawa Real Estate Board (OREB) MLS® System.
This influx of listings continues to push the upward trends observed in the Ottawa market. The average price of homes sold in May 2024 has risen, with the year-to-date average price hitting $679,862, marking a 1.8% increase. This positive trajectory is further supported by the overall composite benchmark price for May 2024, recorded at $651,300, reflecting a 1.2% increase.
These statistics indicate a resilient and growing market, making it an exciting time for both buyers and sellers. For homeowners considering selling, the increased average prices and active market conditions suggest a favourable environment. On the other hand, buyers can take advantage of the diverse selection of new listings, finding a home that meets their needs in this dynamic market.
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