Brownfield, Alberta 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
Current Market Conditions and Trends
The real estate market in Brownfield, Alberta, is currently experiencing steady growth as indicated by the year-over-year increases in property values. The median house price stands at $500,000, with an upward trend of 3.5% from the previous year. This suggests a healthy demand for single-family homes and a competitive market environment for buyers.
In contrast, the apartment sector shows a more modest increase in value with a median price of $300,000 and an annual growth rate of 2.1%. This slower growth rate may indicate a more balanced market or potentially greater availability of apartment units relative to demand.
The population of Brownfield has seen significant growth, at a rate of 7.1%, which likely contributes to the demand for housing and supports the observed price increases. The influx of new residents implies a dynamic community that is attracting individuals possibly due to employment opportunities, lifestyle preferences, or other amenities.
Investment Opportunities and Potential
With Brownfield’s robust population growth and consistent rise in property values, investment opportunities are ripe for both residential properties and rental units. The steady increase in median house prices indicates a stable investment environment for single-family homes, which are appealing for long-term investors seeking capital appreciation.
The relatively lower growth rate in apartment prices presents an opportunity to enter the market at a more accessible price point. Investors might consider acquiring rental properties to cater to segments of the population that prefer renting over homeownership, such as young professionals or smaller families.
The ongoing population expansion can also signal potential for future developments and infrastructure improvements. Investors may find value in exploring undeveloped land or commercial real estate ventures that align with the evolving needs of the growing community.
Future Market Outlook
The real estate market in Brownfield appears poised for continued growth considering the persistent rise in property values and strong population increase. Should these trends maintain their course, the outlook remains positive with expectations for ongoing appreciation of real estate investments.
However, investors should remain vigilant about factors such as interest rates, local economic conditions, and potential policy changes that could affect housing affordability and market dynamics. A prudent approach would involve continuous monitoring of both macroeconomic indicators and local developments specific to Brownfield.
In summary, while current trends suggest favorable conditions for both homebuyers and investors, careful analysis and strategic planning will be key to capitalizing on Brownfield’s evolving real estate landscape.
