Ottawa Real Estate Market Update October 2024

Housing Market Update for Ottawa, November 1, 2024. The average price for a home in Ottawa (including residential homes and condos) is now $666,568, an increase of 1.9% over October, 2023.
Chapters:
00:00 Introduction
00:18 Total Home Sales in Ottawa
00:29 Average price Freehold House in Ottawa
00:57 How long to sell freehold house
01:07 Total Number of condo sales in Ottawa
01:17 Average price for an Ottawa Condo
01:31 How long to sell a condo in Ottawa
01:42 Is Ottawa in a buyer or sellers market
01:53 Month over month houses prices in Ottawa 2024

Breaking down the average prices into houses and condos.

The average price for a freehold house in Ottawa for October was $759,141, down 0.1%. This includes detached singles, Townhouses and Semi-Detached homes.

The average price for a condominium in Ottawa for October was $427,242 down 3.9%. This includes apartments, row units and stacked-style condos.

Number of Home Sales versus last year.
Ottawa had 925 Residential Properties sell in October 2024, up 48.2%. (includes freehold and condos). 667 sales were freehold, up 61.1%, and 258 were condo sales, up 22.9% over last year.

How long does it take to sell a Home in Ottawa?
Last month Freehold houses took 32 days to sell versus 25 days last year and Condominiums are taking 37 days to sell versus 34 days last year.

Inventory Levels, how many homes are on the market?
There were 2,210 Residential Properties listed for sale at the end of last month within our territory.

Is it a Buyer's, Seller's or Balanced Market?
With an inventory of 2,210 homes and 925 sold, there are 2.4 months or 9.6 weeks of supply which translates to a Seller's Market.

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