Bitumount, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.3% |
| Stock on market | 0.7% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.0% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $395,000 |
| 3 bedrooms | $495,000 |
| 4 bedrooms | $590,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $420,000 |
Demographics
| Current Population (2025) | 15,500 |
| Previous Population (2020) | 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
The real estate market in Bitumount, Alberta, is currently experiencing steady growth. The median house price stands at $495,000, reflecting a year-over-year increase of 3.3%. This trend suggests a healthy demand for houses in the area, likely driven by factors such as the region’s economic stability and attractive local amenities. Similarly, the median apartment price has risen to $295,000, marking a 2% year-over-year growth. This moderate appreciation rate indicates sustained investor confidence in multi-family units amidst a competitive housing landscape.
Investment Opportunities and Potential
With the local population growing at an impressive rate of 3.3%, currently standing at 15,500 residents, Bitumount’s real estate market presents significant investment opportunities. The steady increase in housing prices suggests that demand is outpacing supply, offering potential for capital gains to investors who enter the market now. Additionally, the rental market is likely to expand due to population growth, providing lucrative opportunities for rental income investments. Investors should also consider the long-term benefits of property appreciation in this growing community.
Future Market Outlook
The future market outlook for Bitumount is positive. Considering the steady population growth and consistent appreciation of property values, it is reasonable to anticipate that these trends will continue into the foreseeable future. Economic development initiatives and infrastructure investments in the region could further bolster property values and attract new residents. However, prospective investors should monitor local economic indicators and development plans to make informed decisions as market dynamics can change due to various external factors.
