Byron, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $525,000 |
| Monthly growth | 1.3% |
| Quarterly trend | 4.0% |
| Stock on market | 0.7% |
Apartment
| Median price | $310,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $450,000 |
| 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 | 6,200 |
| Occupied Private Dwellings | 5,800 |
| 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 Byron, Ontario, reflects a steadily growing community with home values that are on the rise. The median house price is currently at $525,000, which represents a 4% year-over-year increase. This increment is indicative of a healthy market that is experiencing sustainable growth. Similarly, the median apartment price stands at $310,000, following a 2.5% year-over-year upward trend. The population of Byron has reached approximately 15,500 residents and is continuing to expand at a rate of 3.3%, suggesting robust local demand for housing.
Investment Opportunities and Potential
The burgeoning population and rising property values in Byron point towards promising investment opportunities. Investors should take note of the moderate yet consistent appreciation in both house and apartment prices. This steady growth trajectory makes Byron an attractive location for long-term real estate investments. As demand for housing is fueled by the area’s population increase, rental properties may also offer lucrative returns. Investors might focus on areas where new infrastructure or amenities are planned, as these tend to drive up property values over time.
Future Market Outlook
Looking ahead, the Byron real estate market shows potential for continued growth. The consistent rise in median home prices coupled with steady population growth suggests that the demand for housing will persist. Assuming the local economy remains stable and supportive of this growth trend, both residential property buyers and investors can anticipate a favorable market outlook. However, it’s important for stakeholders to stay informed of any changes in economic conditions or housing regulations that could impact the market dynamics. Monitoring interest rates, employment trends, and development plans will be key factors in forecasting future performance.
