Derwent, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.4% |
| Quarterly trend | 4.2% |
| Stock on market | 0.6% |
Apartment
| Median price | $295,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 2.8% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $575,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $425,000 |
Demographics
| Current Population (2024) | 15,500 |
| Previous Population (2019) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,800 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends in Derwent, Alberta
In Derwent, Alberta, the real estate market is exhibiting healthy growth as reflected by the median house price of $485,000, which marks a year-over-year increase of 4.2%. This suggests a steadily appreciating housing market that is likely buoyed by demand exceeding current supply or increased investment in higher-quality properties.
Similarly, the median apartment price stands at $295,000, with a more modest year-over-year appreciation rate of 2.8%. This slower growth rate in apartment prices compared to houses could indicate a market where buyers have a slight preference for detached homes or where there is a larger inventory of apartments keeping prices more stable.
The population of Derwent is currently around 15,500 residents, having grown by 3.3% recently. Population growth often correlates with increased demand for housing, which could continue to push real estate prices upward if the new residents are looking to buy homes in the area.
Investment Opportunities and Potential in Derwent, Alberta
The positive trends in both house and apartment prices signal good news for investors looking at Derwent’s real estate market. The steady climb in property values suggests that investments made now could yield respectable gains as the market continues to grow. Furthermore, the solid population growth rate opens up opportunities for rental property investments as newcomers to the area may first look to rent before purchasing homes.
For investors interested in long-term growth, single-family homes appear to be a particularly strong segment given their higher appreciation rate. However, apartments should not be overlooked as they offer a lower entry point into the market and may appeal to smaller households or those seeking more affordable housing options.
Future Market Outlook for Derwent, Alberta
The future market outlook for Derwent remains optimistic based on current data. With an ongoing population increase and consistent appreciation of property values, the local real estate market shows potential for sustained growth. The key factors that will influence this outlook include economic stability within Alberta, interest rates that affect mortgage affordability, and any future developments in local infrastructure or employment opportunities which could further stimulate the housing market.
Careful monitoring of external economic conditions will be essential since shifts in industry or employment rates have the potential to either accelerate or dampen current trends. Nevertheless, given the robust fundamentals evidenced by recent data on house and apartment price trends alongside demographic growth, Derwent’s real estate market is poised for continued positive performance in the foreseeable future.
