Cranford, Alberta Real Estate Market Data
Updated: Nov 2024
House
Median price | $495,000 |
Monthly growth | 1.1% |
Quarterly trend | 3.8% |
Stock on market | 0.7% |
Apartment
Median price | $295,000 |
Monthly growth | 0.8% |
Quarterly trend | 2.4% |
Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
Bedrooms | Median Price |
---|---|
2 bedrooms | $420,000 |
3 bedrooms | $495,000 |
4 bedrooms | $610,000 |
Apartments
Bedrooms | Median Price |
---|---|
1 bedrooms | $240,000 |
2 bedrooms | $330,000 |
3 bedrooms | $430,000 |
Demographics
Current Population (2025) | 15,150 |
Previous Population (2020) | 14,400 |
Population Change | 5.2% |
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 in Cranford, Alberta
In Cranford, Alberta, the real estate market has exhibited steady growth. The median house price currently stands at $495,000, which marks a 3.8% increase from the previous year. This trend indicates a healthy demand for houses in the area, likely driven by the positive population growth of 5.2% that the region has experienced. The median apartment price is also on an upward trajectory, albeit at a slightly lower rate of 2.4% year-over-year, now reaching $295,000.
The rising prices are a reflection of a robust market where buyers are willing to invest in property despite the increasing costs. This could potentially be due to several factors such as the attractiveness of the area, economic growth, or limited housing supply meeting an expanding population.
Investment Opportunities and Potential in Cranford
Given the steady increase in property values and consistent population growth, Cranford presents appealing investment opportunities. The single-family home sector is particularly promising with its higher annual price increase. Investors should consider this segment for long-term capital gains, especially given that prices are still below the half-million mark, which could appeal to a broad range of buyers.
Apartments offer a more accessible entry point for investors with a lower median price point of $295,000. With a 2.4% appreciation rate, apartments may be particularly attractive for investors looking to cater to first-time homebuyers or those seeking smaller properties.
Furthermore, with population growth outpacing current housing supply increases, there is potential for new development projects to meet the growing demand for housing. This can range from residential developments to mixed-use projects that combine residential living with retail and commercial spaces.
Future Market Outlook for Cranford
The future market outlook for Cranford remains optimistic based on current trends and data. Continued population growth will likely sustain demand for both houses and apartments. If the local economy remains strong and attractive to potential residents, we can anticipate ongoing upward pressure on property prices.
The sustained growth pattern suggests that investing in Cranford’s real estate market could yield positive returns over time. However, investors should stay informed about local planning and development initiatives which can impact future property values.
Careful monitoring of interest rates and lending policies is also crucial as these factors influence buyer affordability and can affect market dynamics significantly. In conclusion, while current trends show promise for both living and investing in Cranford’s real estate market, stakeholders should remain vigilant and responsive to any shifts in economic conditions or policy changes that could impact the market’s trajectory.