Demmitt, 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
In Demmitt, Alberta, the real estate market is currently characterized by steady growth. The median house price stands at $500,000, reflecting a year-over-year increase of 3.5%. This uptick in pricing indicates a healthy demand for residential properties and a robust housing market.
The apartment sector is also experiencing growth, albeit at a more moderate pace. The median apartment price is listed at $300,000, with a year-over-year trend showing a 2.1% increase. This slower rate of growth compared to houses suggests that the market for apartments is stable but might be facing different demand dynamics.
The demographic profile of Demmitt is expanding at a significant rate, with the population growing by 7.1%, now reaching approximately 15,000 residents. This surge in population is likely contributing to the increased demand for housing in the area.
Investment Opportunities and Potential
The positive trends in Demmitt’s real estate market signal favorable conditions for investment opportunities. The consistent appreciation in property values, particularly for houses, indicates that investments in residential real estate could yield solid returns over time.
The substantial population growth positions Demmitt as an emerging market with potential for new development projects to meet the rising housing needs. Investors looking to enter the market or expand their portfolio may find long-term rental properties and development projects particularly attractive given the demographic momentum.
With apartments experiencing more modest price increases, there may be opportunities to cater to segments of the market seeking more affordable housing options. Investors could consider targeting first-time homebuyers or downsizers who are looking for lower-maintenance living arrangements.
Future Market Outlook
The outlook for Demmitt’s real estate market remains optimistic based on current trends and demographic indicators. Should the population continue to grow at its current rate, demand for housing is expected to remain strong, potentially pushing property values higher.
The steady appreciation in house prices coupled with more conservative growth in the apartment sector suggests continued stability and balanced growth across different types of residential real estate. However, investors must remain mindful of broader economic factors that can influence mortgage rates and purchasing power which can affect market conditions.
In conclusion, Demmitt presents as a promising market for both residential property owners and investors due to its positive growth trajectory, rising population, and stable pricing trends. Ongoing monitoring of market conditions will be crucial to maximize investment potential and capitalize on future opportunities that arise from its expanding community.
