Devon, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 2.8% |
| Stock on market | 0.9% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.9% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $330,000 |
| 3 bedrooms | $425,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,800 |
| Population Change | 2.7% |
| 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
The real estate market in Devon, Alberta, currently exhibits steady growth with the median house price at $485,000, marking a 2.8% year-over-year increase. Similarly, the median apartment price is $295,000, which has risen by 1.9% year-over-year. These figures suggest a stable and moderately appreciating market that is attractive to both homeowners and investors.
The population of Devon has grown to approximately 15,200 residents, with a healthy growth rate of 2.7%. This demographic expansion contributes to the demand for housing and supports the progressive trends in property values. The current market conditions are characterized by a balanced mix of supply and demand, avoiding extreme fluctuations commonly seen in more volatile markets.
Investment Opportunities and Potential
Investors looking at Devon can find opportunities in various sectors of the real estate market. The moderate but consistent appreciation in both house and apartment prices indicates a reliable investment potential for long-term capital gains. With the increasing population, rental properties also offer a promising return on investment due to the expected rise in rental demand.
Given the current trends, investments in new residential developments could benefit from the town’s growth trajectory. Moreover, renovating existing properties could also yield profitable outcomes as buyers and renters may be willing to pay premiums for modernized features and amenities.
Future Market Outlook
The future real estate market outlook for Devon appears positive with several factors supporting ongoing growth. The steady increase in population suggests continued demand for housing. Assuming that economic conditions remain favorable and interest rates stable, the real estate market is likely to maintain its current path of gradual appreciation.
Moreover, as infrastructure expands and the local economy diversifies, we can anticipate additional interest from outside investors seeking opportunities beyond larger urban centers. This could further stimulate the property market and contribute to an upward trend in property values over time.
In conclusion, while there are always risks inherent in real estate investment, Devon’s market demonstrates solid fundamentals that may offer appealing prospects for both residential living and investment purposes.
