The real estate market in Renfrew County has seen a dramatic cooling.

The Renfrew County Real Estate Board reports that house sales dropped by nearly 26 percent over this time last year. Home sales were 3.9 percent below the five-year average for August.

However, despite the drop in sales, home prices remained high and inventory remained low. The average home sold for a record $425,000, almost a 30 percent gain from last year. In addition, the number of homes listed on the market was the lowest in five years for the month of August.

Home sales are still on track to beat out last year, with a 13 percent increase from August 2020.