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 | 0.6% |
Apartment
| Median price | $320,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $425,000 |
| 3 bedrooms | $525,000 |
| 4 bedrooms | $625,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $480,000 |
Demographics
| Current Population (2024) | 15,500 |
| Previous Population (2019) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,100 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The current real estate market in Asphodel-Norwood, Ontario, is characterized by steady growth. With a median house price of $525,000, the market has experienced a 4% year-over-year increase. This suggests a healthy demand for housing and a competitive environment for potential buyers. The median apartment price stands at $320,000, having risen by 2.5% over the past year. This slower growth rate compared to houses indicates a slightly less aggressive market for apartments but nonetheless reflects a positive trend.
The population of Asphodel-Norwood is currently around 15,500 residents, with an above-average population growth rate of 3.3%. This consistent influx of residents could be contributing to the demand for housing and helps explain the steady appreciation in property values.
Investment Opportunities and Potential
Given the robust population growth and the upward trend in property values, Asphodel-Norwood presents attractive investment opportunities. Single-family homes are particularly promising, as evidenced by the 4% increase in median prices year-over-year. Investors can expect continued appreciation given current trends, making purchases in this segment potentially lucrative over the long term.
Apartments offer a more accessible entry point into the real estate market with their lower median price point. While their appreciation is more modest at 2.5%, they represent a stable investment with potential for rental income and capital gains. The sustained population growth suggests that rental demand is likely to remain strong, which could drive both rental rates and property values up in the future.
Future Market Outlook
The future outlook for Asphodel-Norwood’s real estate market appears positive with several factors supporting ongoing growth. The area’s increasing population is likely to continue fueling demand for housing. Assuming that economic conditions remain stable and interest rates are favorable, we can anticipate a continued moderate to strong pace of growth in both house and apartment prices.
In conclusion, investors should monitor local economic drivers such as employment rates and infrastructure developments which could further influence the market’s trajectory. For those considering entering the market or expanding their portfolio, Asphodel-Norwood offers compelling opportunities underpinned by solid market fundamentals.
