September 2024 Ottawa Real Estate Market Update: A Steady Climb with Encouraging Trends
Source: OREB
As fall sets in, Ottawa’s real estate market shows signs of steady growth and resilience. September 2024 brought some key developments, highlighting an upward trend in activity. Buyers and sellers are adjusting to changing market conditions. Let’s break down the latest numbers and what they mean for Ottawa’s housing market.
Sales Activity: Home Sales on the Rise
The Ottawa Real Estate Board (OREB) reported 1,047 homes sold through the MLS® System in September 2024, marking an 11.4% increase compared to September 2023. This rise in home sales indicates a stronger presence of Buyers in the Ottawa real estate market, signaling ongoing confidence in housing despite modest price changes.
Property Values: Modest Adjustments Across Housing Types
When it comes to price trends, the story varies by housing type:
- The benchmark price for single-family homes reached $729,000, a 0.5% increase. This indicates price stability in the detached home segment.
- Townhouses and row units saw a slight decrease, with the benchmark price dipping to $500,000—a 1.7% decrease from September 2023. However, Ottawa’s large supply of townhomes and row units means pricing may be influenced by higher inventory.
- Apartments also saw a minor dip, with a benchmark price of $414,200, a 1.3% decrease from last year.
The average price of homes sold in September 2024 stood at $685,551, reflecting a 1.4% increase from the previous year. The year-to-date average price came in at $679,082, up 0.9% year-over-year, reinforcing the market’s gradual positive trajectory.
Inventory: More Listings, More Options for Buyers
The supply side of the market is also shifting. September 2024 saw 2,343 new residential listings, a 3.9% increase compared to September 2023. This is also 4.7% above the five-year average and 11.6% higher than the 10-year average for the month, indicating a healthy influx of new inventory.
By the end of September, active residential listings totaled 3,529 units, a 16.9% rise compared to last year. This figure represents a 43.3% increase above the five-year average, giving buyers more options to choose from and helping balance supply and demand.
Conclusion: A Balanced Market with Room to Grow
As we move deeper into fall, Ottawa’s real estate market continues to offer opportunities for both buyers and sellers. The increase in home sales and active listings suggests that market conditions are balancing out, with steady price adjustments across different property types. Whether you’re considering buying or selling in Ottawa, these trends point to a market that remains resilient with room for growth.
