Ottawa Real Estate Market Update: November 2024
Source: OREB
As the winter season approaches, Ottawa’s real estate market continues to demonstrate robust activity, with significant increases in sales and steady price trends. Let’s explore the November 2024 statistics to understand what’s happening in the market.
Rising Sales Activity
November saw 1,059 homes sold through the MLS® System, representing a remarkable 45.1% increase from November 2023. This uptick signals strong buyer confidence and continued interest in Ottawa’s diverse housing market, even as temperatures drop. Sellers, this is a good time to engage with motivated Buyers who are still actively searching.
Benchmark Sale Prices
The benchmark sale prices for November 2024 highlight a mixed landscape:
Single-Family Homes: $772,400, up 2.1% from 2023.
Townhomes/Row Units: $491,500, reflecting a modest 0.3% increase.
Apartments: $406,200, marking a 3.7% decrease compared to last year.
Despite the slight dip in apartment prices, single-family homes and townhomes maintain positive growth, offering opportunities for a range of Buyers and Sellers.
Regional Sales Trends
Several metrics showcase noteworthy shifts in Ottawa’s housing market:
Year-to-Date Average Price: $679,797, a 1.2% increase from November 2023.
Homes Sold: 1,059 units, a 45.1% increase year-over-year.
New Listings: 1,352, a 7.3% decrease from November 2023, indicating a tightening of fresh inventory.
Active Listings: 4,036, a 38.2% increase year-over-year, providing buyers with a broader selection.
Median Days on Market: 26 days, unchanged from November 2023, reflecting steady market dynamics.
What’s the Story Behind the Numbers?
It’s hard to ignore the significant jump in sales activity this month. Buyers are clearly stepping into the market, whether they’re drawn by the holiday season or a desire to lock in purchases before the year ends. Sellers, take note of the increased sales activity and steady prices.
The decrease in new listings may signal a shift toward a more competitive environment, but the elevated active listings ensure Buyers still have a range of choices. It’s a market dynamic that underscores the importance of strategic pricing and marketing for Sellers to stand out.
What Does This Mean for Buyers and Sellers?
For Buyers: The increase in active listings and stable median days on market provide a balanced environment. Whether you’re a first-time buyer or looking to upgrade, this could be a great time to explore your options.
For Sellers: The sustained price growth in single-family homes and townhouses is encouraging. If you’re considering listing, now might be an opportune moment to capture buyer interest before the market quiets for the holidays.
Looking Ahead
As we close out 2024, Ottawa’s real estate market remains resilient. With strong sales activity, steady prices, and ample inventory, the market is set to end the year on a positive note. Whether you’re buying, selling, or simply staying informed, these trends are worth watching.
Stay tuned for next month’s update as we wrap up an exciting year in Ottawa’s housing market. If you have any questions or are considering a move, feel free to reach out—I’m always here to help navigate Ottawa’s dynamic real estate landscape!
