Cornwall seller’s housing market for 2020: RE/MAX

(Newswatch Group/Bill Kingston, File)

CORNWALL – The housing market in the Cornwall area is expected to be a seller’s paradise for 2020, according to RE/MAX.

A study by the real estate firm says the average price for a single family home is expected to jump 4 per cent this year, ahead of the national average of 3.7 per cent. That’s partly to due to the “affordability of single-family homes here (in Cornwall),” it said.

While the price jump is above average, it’s well below Ottawa where prices are expected to leap near 12 per cent this year.

Cornwall sellers will have to be patient to get at or near their asking price as the number of days a house will be in the market also expected to increase.

The agency says that low inventory and “move-up buyers waiting to sell their homes due to a lack of higher-end properties” will be the biggest factors dampening the market.

As for the hot neighbourhoods, they are Riverdale, Eamer’s Corners and Clement Court.

The average price of a Cornwall home in late 2019 was $231,538, during a year that saw record low inventory, according to the Cornwall and District Real Estate Board.