Real Estate Serving Orangeville, Caledon, Mono, Grand Valley, Shelburne, Mulmur, Dundalk, Amaranth Erin
Orangeville real estate: Buying or selling a property anywhere always means you have to be aware of what the likely prices are. A big part of that is always going to be looking at the real estate market, not just for the country or planet as a whole, but specifically for the local area you are looking at too. If you are thinking about buying or selling property in Orangeville, then you are going to want to take a look at the following. In this article, we are going to discuss the real estate market for Orangeville, and see what kinds of trends we might be able to expect for the future. Click for more information on Orangeville real estate agents.
First up, it might be helpful to take a deep dive into Orangeville’s past real estate market. That can help to give us some clue of the ongoing trends, as well as the kind of ups and downs you tend to see here – which in turn helps to place it in the sphere of how it compares to the national average, and the global average.
One thing to point out about Orangeville is that its prices tend to be pretty much in line with the national average, with some periods of prices being slightly higher – often as a result of being a particularly lucrative and enjoyable place to live. So during crashes, while Orangeville has suffered like anywhere else, it has managed to retain quite a lot of its share pretty well, making it a pretty safe place for real estate investors to invest in. This also means that if you are looking at buying a property in Orangeville to live in, you can expect it to be a good buy most of the time, and it will likely prove to be a lucrative deal for sale further down the line, even if things are looking slightly worse for wear in general at the national or even global level.
If we look in particular at the past year or so, we can see a predictable and healthy upward trend, as you might expect for a town of this type. In December last year, the average sale price for all property types was around $581k in Orangeville, perhaps slightly lower than the average in fact. There was then a steep incline up until February this current year, at which point the average home price was around the $625k mark. As you can see, that is a pretty healthy upward trend.
However, there then followed a brief dip, as happened in many places as a response to the covid pandemic. By mid-March of this year, houses in Orangeville were levelled at around $605k, so that’s quite a dramatic fall. But recovery was soon on the cards, with prices rising again almost instantly and getting back up to $610k by April. There then followed another dip, with the 2020 low point coming in May at an average cost of $595k. After that, however, the trend turned upwards again, to the effect that mid-July saw average Orangeville house prices being around the $650k mark, which is quite a significant increase indeed.
Prices rose in September, and then started to fall again into October and November, as we are about to see in a little more detail. All in all, then, the past twelve months have been especially volatile for the real estate market in Orangeville, which is something that we have seen in many places around the world as a result of the pandemic, the US election and a variety of other factors.
So, as you can see it has been a topsy-turvy year for housing in Orangeville, as in many other places. But what about the current real estate market – how is it looking for someone wanting to buy or sell property at this current time in Orangeville Ontario?
We can look at this in some detail by discovering about the different types of properties in the area. To begin with, let’s take a look at detached properties, which are always the most valuable of all. At this present moment, you can expect a detached property in Orangeville to sell for an average of $740k, which is an increase of 16% on this time last year. What’s more, the number of bedrooms is not a huge determining factor in this, with a 5-bed averaging $865k and a 2-bed $769k.
For a townhouse, however, you are looking at a lower price – as expected – of $610k across the board. However, this is a bigger increase on last year than we saw for the detached property market – in fact, townhouse prices have gone up by a whopping 27%, so it’s probably a great time to sell. At the other end of the scale, we have the condos, which have actually decreased over twelve months by 3%, down to an average cost of $383k. However, 2-bed condos specifically have seen an increase of 4%, with a current average price of $431k.
As you can see, in many cases it is currently a seller’s market, but there are still also options for those thinking about buying property in Orangeville.
So how is the future looking for the real estate market in Orangeville, and what can be specifically expected? In particular, it looks as though the good news with regard to the virus vaccine is going to cause a levelling out of house price, and Orangevill is probably going to follow suit. We can expect some increase over the next twelve months, in other words, but probably not anything huge. All in all, it could be a less volatile year, making it potentially a good one to start thinking about whether you want to buy or sell property in the Orangeville area yourself. If you do, make sure to find and make good use of the right real estate agent. It really will make all the difference in the world to your sale or purchase.
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