Balmoral, New Brunswick Real Estate Market Data
Updated: Nov 2024
House
| Median price | $500,000 |
| Monthly growth | 1.2% |
| Quarterly trend | 3.5% |
| Stock on market | 0.8% |
Apartment
| Median price | $300,000 |
| Monthly growth | 0.9% |
| Quarterly trend | 2.1% |
| Stock on market | 1.2% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $400,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $600,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $250,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2024) | 15,000 |
| Previous Population (2019) | 14,000 |
| Population Change | 7.1% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,500 |
| Population Density (per km²) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
1. Current Market Conditions and Trends
The real estate market in Balmoral, New Brunswick is currently exhibiting steady growth, with the median house price standing at $500,000, marking a year-over-year increase of 3.5%. This trend suggests a healthy demand for housing in the area, likely driven by both local factors and broader provincial economic conditions. Similarly, the median apartment price has seen an increase to $300,000, with a slightly lower growth rate of 2.1% year-over-year. These figures point to a stable and growing market, although houses are appreciating at a faster rate than apartments.
The population of Balmoral is approximately 15,000, with a significant population growth of 7.1%. This demographic expansion can be attributed to various factors including migration, natural increase, and possibly the attractiveness of Balmoral as a residential destination. The increasing population is likely contributing to the demand for housing and supports the observed appreciation in property values.
2. Investment Opportunities and Potential
For investors considering Balmoral’s real estate market, there are several opportunities and potential areas for investment. The consistent rise in house prices indicates room for capital gains in the medium to long term. The growing population provides a robust customer base for rental properties, suggesting that buy-to-rent investments could yield favorable returns. Given the higher growth rate in house prices compared to apartments, single-family homes may represent particularly attractive investment assets over condos or apartments.
Furthermore, investors should also consider the potential development of new infrastructure or commercial projects that could enhance property values in certain areas of Balmoral. Conducting thorough research into planned municipal developments could uncover neighborhoods poised for greater than average appreciation.
3. Future Market Outlook
The future outlook for Balmoral’s real estate market appears positive based on current trends and data. With a strong population growth rate of 7.1% and consistent property value appreciation, it’s reasonable to expect that demand for housing will continue to rise. If economic conditions remain favorable and the job market within Balmoral or nearby regions continues to grow, this could further bolster the real estate market.
However, investors and prospective homeowners should also stay informed about interest rates and lending policies set by financial institutions as these could impact borrowing costs and affordability. Additionally, keeping an eye on regional economic indicators will be crucial in anticipating any shifts that might affect the housing market’s trajectory.
In conclusion, Balmoral presents an attractive profile for both residential buyers looking for stable long-term value growth, and investors seeking investment opportunities with promising returns driven by population growth and economic stability.
