Cranford, 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
1. Current Market Conditions and Trends
As of the latest data, Cranford, Alberta’s real estate market exhibits stable growth patterns, with the median house price standing at $500,000, reflecting a year-over-year increase of 3.5%. This indicates a healthy demand for single-family homes and suggests that the market is steadily appreciating but not overheating.
The median apartment price is currently $300,000 with a slower growth rate of 2.1% year-over-year. This could signify a more balanced or competitive market for apartments or potentially an increase in supply that is slightly outpacing demand.
The population of Cranford has experienced significant growth, currently at 15,000 residents with a notable increase of 7.1%. This demographic expansion serves as a strong indicator of the area’s attractiveness and potential for sustained real estate demand.
2. Investment Opportunities and Potential
Investors looking into Cranford’s real estate market can be cautiously optimistic given the steady appreciation in property values. Single-family homes present as a robust investment opportunity with their higher appreciation rate of 3.5% compared to apartments.
Nevertheless, apartments should not be overlooked as they often represent an accessible entry point for new investors due to their lower median price point and might be particularly appealing to those looking to cater to smaller households or professionals moving into the area to capitalize on its growth.
With the impressive population growth rate of 7.1%, there is an implied increase in housing demand which may lead to further development projects and investment opportunities within both residential and rental markets.
3. Future Market Outlook
The future outlook for Cranford’s real estate market appears positive based on current trends and demographic data. Assuming the continuation of current economic conditions and population growth trends, property values are likely to maintain a steady upward trajectory.
The consistent rise in median house and apartment prices suggests sustained investor confidence and buyer interest in the region. The ongoing population increase further supports the case for new development projects and could encourage diversification in housing options available to meet varying consumer needs.
In summary, Cranford presents as an attractive market for both homeownership and investment purposes, with reasonable expectations for continued growth in property values and investment returns over time.
