Cromer, Manitoba 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 (2025) | 15,000 |
| Previous Population (2020) | 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
As of the latest collected data, the Cromer real estate market is showing signs of steady growth. The median house price in the area stands at $500,000, with a year-over-year increase of 3.5%. This suggests a healthy upward trend in property values, reflecting a solid demand for single-family homes. Meanwhile, the apartment sector is also experiencing growth, albeit at a slightly slower pace, with median prices at $300,000 and an annual appreciation rate of 2.1%. The population of Cromer has reached 15,000 residents and is expanding at a rapid pace with a growth rate of 7.1%. This demographic expansion can be indicative of a vibrant local economy and may signal continued demand for housing in both purchase and rental markets.
Investment Opportunities and Potential
The current market dynamics present several attractive investment opportunities in Cromer. Given the steady rise in housing prices combined with significant population growth, investors could expect sustained demand for residential properties. Single-family homes represent a promising asset class, considering their higher appreciation rate. Apartments also offer potential returns through both capital gains and rental income as more individuals and families look for affordable housing options in growing communities. With the town’s burgeoning population, there are opportunities to cater to diverse housing needs including starter homes, family-sized dwellings, and downsizing options for retirees.
Future Market Outlook
Looking forward to the future of Cromer’s real estate market, indicators such as consistent price increases and robust population growth suggest a positive trajectory. If these trends persist, investors and homeowners alike can anticipate continued appreciation in property values over the coming years. Moreover, as the town expands and potentially attracts new businesses and services to cater to its growing populace, this could further enhance the attractiveness of Cromer as a location for both living and investing. However, it is important to stay informed about economic factors that might influence these trends such as interest rates changes or broader economic shifts which could impact buyer affordability and market demand.
