
Number of Home Sales
Last month, the Ottawa real estate market recorded a 16% increase in property sales compared to December of the previous year, marking our busiest December since 2021. This represents seven consecutive months of year-over-year sales growth, highlighting growing buyer confidence and setting the stage for an active spring market.
The graph below shows monthly sales volume data grouped by month since 2020.
SOLD PROPERTIES BY MONTH, % CHANGE FROM PRIOR YEAR (2020-2024)

Median Sale Prices
The median sale price of a home in Ottawa was $619,900 last month, reflecting a 1.6% increase over December 2023. Median sales prices have remained stable, floating between $600,000 and $650,000 since mid-2022, underscoring the resilient and (currently) balanced nature of Ottawa's real estate market.
The following graph shows monthly average sale price data since 2020.
MEDIAN SALE PRICE BY MONTH, % CHANGE FROM PRIOR YEAR (2020-2024)

Active Listings by Month
At the end of December, 2,051 homes were available for sale in Ottawa, marking a 14% year-over-year increase. Inventory levels have remained high in 2024 compared to the past five years, reflecting the shift toward a more balanced market.
The chart below shows the active listing data for the last five years.
ACTIVE LISTINGS, % CHANGE FROM PRIOR YEAR (2020-2024)

Cumulative Days on Market (Median)
Last month, homes in Ottawa took a median of 34 days to sell, 2.9% faster than in December 2023. Throughout most of the year, properties have taken longer to sell on a year-over-year basis compared to 2023. However, November and December reversed that trend, with homes now selling more quickly than this time last year.
Median days on market data since 2020 can be found in the table below.
MEDIAN DAYS ON MARKET, % CHANGE FROM PRIOR YEAR (2020-2024)

Months of Inventory
The months of inventory measure ("MOI") is calculated by taking the number of homes available for sale and assessing how long it would take for those to sell if demand remained constant and no new inventory was added to the market. This measure is a core indicator that helps assess whether we are in a buyer's, seller's, or balanced market.
In December, Ottawa's Months of Inventory stood at 3.6 months, reflecting an 8.2% decrease compared to December 2023. This marks the third consecutive month where the supply-demand balance has shifted more in favour of sellers on a year-over-year basis.
MOI data for residential properties, freeholds, and condos can be found in the chart below.
MONTHS OF INVENTORY, % CHANGE FROM PRIOR YEAR (2020-2024)

The historical average price of a home in Ottawa since 1956 can be found in the chart below. Stay tuned for the 2024 annual average in our next market update.
HISTORICAL AVERAGE HOME PRICES IN OTTAWA (1956-2024)
What This Means for You
It is critical to note that broad aggregate data is useful to establish trends, but significant variability exists at a community and housing-type level. If you are interested in getting a more refined estimate of the value of your home, or if you are interested in beginning your house hunt, we would love to help!
Give us a call at 613-614-2999 for your no-obligation consultation.
* Real estate market data is taken from the Ottawa Real Estate Board's Multiple Listing Service (MLS) and is believed to be accurate but is not warranted.
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