Devona, Alberta Real Estate Market Data
Updated: Nov 2024
House
Median price | $485,000 |
Monthly growth | 1.1% |
Quarterly trend | 2.8% |
Stock on market | 0.6% |
Apartment
Median price | $295,000 |
Monthly growth | 0.7% |
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 | $420,000 |
Demographics
Current Population (2025) | 15,500 |
Previous Population (2020) | 15,000 |
Population Change | 3.3% |
Total Private Dwellings | 6,100 |
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 Devona, Alberta, is currently experiencing moderate growth. The median house price stands at $485,000, which represents a year-over-year increase of 2.8%. This suggests a steady demand for housing in the area, with prices rising at a sustainable rate. In contrast, the median apartment price is lower at $295,000 but has also seen growth, albeit at a slightly slower pace of 1.9% over the past year. This differentiation in growth rates between houses and apartments may indicate a stronger preference for single-family homes in Devona.
Investment Opportunities and Potential
With a population of 15,500 that has grown by 3.3%, Devona is on an upward trajectory in terms of its residential base. This growth can be attributed to various factors such as job opportunities, lifestyle offerings, or regional investment. The steady rise in property values coupled with population growth indicates a healthy investment potential, particularly for those looking to invest in single-family homes which are in higher demand.
Investors may also consider the apartment market given its positive price trend. While the growth is slower compared to houses, apartments offer a more accessible entry point into the real estate market for both investors and first-time homebuyers. Additionally, rental demand could potentially increase due to population growth, making it an attractive option for investors seeking rental income.
Future Market Outlook
The future market outlook for Devona appears optimistic. With consistent population growth and upward trends in property values, the market dynamics suggest ongoing demand. If current trends continue, investors can expect further gradual appreciation in property values over the coming years.
However, it’s important to monitor economic factors that could affect housing demand such as local employment rates, interest rates, and regional development projects. Provided these remain favorable, Devona’s real estate market should maintain its momentum offering solid opportunities for both homebuyers and investors alike.