Cherhill, 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 Cherhill, Alberta, is currently experiencing a period of steady growth. With a median house price of $500,000 and an annual increase of 3.5%, the market is showing signs of healthy appreciation. The apartment sector also reflects positive momentum with a median price point at $300,000 and a growth trend of 2.1% year-over-year.
The population in Cherhill has been expanding with a significant growth rate of 7.1%. This influx is likely contributing to the sustained demand for housing, underpinning the upward trends observed in property values. The current conditions suggest that the market is balanced, offering opportunities for both buyers and sellers to engage successfully.
Investment Opportunities and Potential
Given the robust growth in population and consistent appreciation in property values, Cherhill presents appealing investment opportunities. Single-family homes, with their stronger price appreciation trend at 3.5%, are particularly attractive as long-term investments that could potentially yield substantial returns.
Apartments offer a lower entry point into the real estate market at $300,000 and exhibit stable growth at 2.1% per annum. These properties could be particularly appealing to investors focused on rental income given the rising population and potential increase in rental demand.
Investors should consider both the current demographic trends and future economic developments when evaluating the potential for real estate investment in Cherhill. The town’s increasing population suggests that there will be an enduring need for both rental and owner-occupied housing.
Future Market Outlook
The future outlook for Cherhill’s real estate market remains optimistic when considering the current trends and demographic data. The steady increase in property values across both houses and apartments indicates ongoing growth which could continue if the population keeps rising at its current pace.
With such substantial population growth, it is reasonable to forecast that demand for housing will persist, potentially pushing property values higher if supply does not keep pace with demand. Developers and investors might see this as an opportunity to expand housing stock to meet the growing needs of residents.
However, stakeholders should remain aware of broader economic conditions that could impact mortgage rates, employment levels, and overall affordability – all factors that can influence real estate markets significantly.
In summary, while current indicators are favorable for continued growth in Cherhill’s real estate market, investors should maintain due diligence and stay informed about local and national economic developments that may affect market dynamics in the future.
