Cherryville, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $525,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 4.0% |
| Stock on market | 0.6% |
Apartment
| Median price | $315,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.8% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $450,000 |
| 3 bedrooms | $525,000 |
| 4 bedrooms | $650,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $480,000 |
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
1. Current Market Conditions and Trends
The real estate market in Cherryville, British Columbia is currently experiencing a period of steady growth. The median house price stands at $525,000, with a year-over-year increase of 4%. This growth rate suggests a healthy demand for single-family homes in the area, likely driven by the region’s natural beauty and expanding local amenities. Meanwhile, the apartment sector is showing more modest growth, with the median apartment price at $315,000 and an annual increase of 1.8%. The slower pace in the apartment market may reflect a preference for more spacious living options or a lag in new apartment developments.
2. Investment Opportunities and Potential
The investment landscape in Cherryville presents several opportunities, particularly in the single-family home market. The consistent growth trend indicates that purchasing residential property could be a sound investment with the potential for capital gains over time. Additionally, with a population growth rate of 3.3%, there is an ongoing influx of residents which may drive demand for rental properties. Investors might consider acquiring properties to cater to this demographic, potentially leading to steady rental income and long-term appreciation.
3. Future Market Outlook
Looking ahead, Cherryville’s real estate market appears poised for continued growth. The robust population increase implies that there will be sustained demand for housing, which could push prices upward if the supply does not keep pace. Investors and homebuyers should monitor local development plans and zoning changes that could affect future property values. With careful consideration of these factors, stakeholders can make informed decisions in this active market.
