Cluny, 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 Cluny, Alberta is currently characterized by moderate growth. With a median house price at $500,000 and witnessing a 3.5% year-over-year increase, the market demonstrates steady appreciation. The median apartment price, set at $300,000, has seen a slower yet positive growth rate of 2.1% year-over-year. This suggests that while the housing market is more dynamic, apartments present a more stable investment.
The population of Cluny stands at 15,000, which has experienced a robust growth rate of 7.1%. This demographic expansion is indicative of an increasing demand for housing and can be seen as a driver for the observed property value appreciation.
Investment Opportunities and Potential
The ongoing population increase coupled with consistent property value appreciation indicates promising investment opportunities in Cluny’s real estate market. Single-family homes, given their higher growth in value, present potential for significant capital gains. On the other hand, apartments could be attractive for investors looking for more affordable entry points into the market and stable rental income prospects.
Favorable lending rates and a diversified local economy may further incentivize investment. Investors should also consider emerging neighborhoods and developments that are likely to benefit from infrastructural improvements and community investments.
Future Market Outlook
The future market outlook for Cluny’s real estate remains optimistic. The robust population growth is expected to sustain demand for housing, thereby supporting property values. Assuming the continuation of current economic conditions and growth trends, both the housing and apartment markets should maintain their upward trajectories.
However, potential investors should monitor external factors such as changes in government housing policies, shifts in interest rates, and economic stability which could impact buyer sentiment and investment returns. As such, staying informed on both local and national economic indicators will be crucial in making well-informed real estate investment decisions in Cluny.
