Asphodelnorwood, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $525,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.0% |
| Stock on market | 0.7% |
Apartment
| Median price | $315,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $450,000 |
| 3 bedrooms | $525,000 |
| 4 bedrooms | $650,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $460,000 |
Demographics
| Current Population (2024) | 15,500 |
| Previous Population (2019) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends in Asphodel-Norwood, Ontario
The real estate market in Asphodel-Norwood, Ontario is currently experiencing steady growth. With a median house price of $525,000, the market has seen a respectable increase of 4% year-over-year. This suggests that the housing segment in Asphodel-Norwood remains robust, reflecting a healthy demand for residential properties.
Similarly, the median apartment price stands at $315,000, which has climbed by 2.5% from the previous year. Although this growth is more modest compared to houses, it indicates a positive trajectory for multi-family dwellings and may attract investors looking for lower entry points into the real estate market.
The population of Asphodel-Norwood is approximately 15,500 and has been growing at a rate of 3.3%. This steady influx of residents is likely contributing to the demand for housing and can be seen as a supporting factor for the continuous appreciation in property values.
Investment Opportunities and Potential
The current market conditions present various investment opportunities in Asphodel-Norwood. The consistent year-over-year growth in property values for both houses and apartments suggests that investments in residential real estate could yield favorable returns. Investors should note that the stronger growth rate for houses highlights a potentially higher demand in this segment.
Given the population growth rate of 3.3%, there is an ongoing need for additional housing to accommodate new residents. Investors interested in development projects or income properties may find fertile ground here. The rise in median prices also indicates room for appreciation, making long-term investment strategies particularly appealing.
Future Market Outlook
The future market outlook for Asphodel-Norwood’s real estate appears optimistic. Population growth remains a key driver for housing demand and will likely continue to fuel the real estate market’s expansion. If the current trends persist, both homebuyers and investors can expect continued gradual appreciation in property values.
However, potential investors and stakeholders should remain aware of broader economic factors that might influence interest rates, employment levels, and overall affordability – all of which can have significant impacts on local real estate dynamics.
In conclusion, Asphodel-Norwood represents a market with solid fundamentals underpinning its growth. With careful consideration of economic indicators and ongoing monitoring of local trends, stakeholders can make informed decisions within this active Ontario real estate market.
