Chipman, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $525,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.2% |
| Stock on market | 0.6% |
Apartment
| Median price | $310,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.8% |
| 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 | $460,000 |
Demographics
| Current Population (2024) | 15,500 |
| Previous Population (2019) | 14,800 |
| Population Change | 4.7% |
| 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 Chipman, Alberta is currently experiencing a period of steady growth. With a median house price of $525,000, the market has shown a year-over-year increase of 4.2%. This suggests a healthy demand for single-family homes and stability in the housing sector. The median apartment price stands at $310,000, with a more modest growth trend of 2.8% year-over-year.
The population in Chipman has seen a significant increase of 4.7%, indicating an influx of residents and potential for increased housing demand. This population growth is likely contributing to the upward pressure on home prices as new residents seek accommodation in the area.
Investment Opportunities and Potential
Given the steady increase in property values, Chipman presents several promising investment opportunities. The continuous rise in median house prices suggests that investing in residential properties could yield substantial returns over time. Single-family homes, in particular, may offer better capital gains due to their higher annual appreciation rate compared to apartments.
Apartments, with their lower entry price point and slightly slower appreciation rate, represent an opportunity for investors looking for more affordable investments or those aiming to cater to the rental market. With the ongoing population growth, rental demand is expected to rise, potentially offering stable rental income streams to property investors.
Future Market Outlook
The future market outlook for Chipman remains positive. The combination of consistent population growth and increasing property values points towards continued demand for housing within the area. Assuming that economic conditions remain favorable and the local job market stays robust, the real estate market should maintain its upward trajectory.
However, investors and homebuyers should keep an eye on regional economic trends, interest rates, and government housing policies, as these factors can significantly influence market dynamics. Vigilance and due diligence are recommended when forecasting long-term market behavior.
