Devona, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $510,000 |
| Monthly growth | 1.3% |
| Quarterly trend | 3.8% |
| Stock on market | 0.7% |
Apartment
| Median price | $305,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $410,000 |
| 3 bedrooms | $510,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $255,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $460,000 |
Demographics
| Current Population (2025) | 15,500 |
| Previous Population (2020) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,100 |
| Occupied Private Dwellings | 5,600 |
| 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 a stable growth period. With a median house price sitting at $510,000 and a year-over-year price increase of 3.8%, the market is showing signs of healthy demand. Similarly, the median apartment price is set at $305,000, which has risen by 2.5% from the previous year.
The population of Devona has reached 15,500 residents, with a significant annual growth rate of 3.3%. This suggests that the area is attracting new residents at a robust pace, likely due to employment opportunities, lifestyle amenities or other socio-economic factors that make Devona an appealing place to live.
Investment Opportunities and Potential
In terms of investment potential, Devona’s real estate market appears promising. The consistent rise in property values indicates a strong and growing housing demand. Investors may find opportunities in both the detached home segment and multi-family units like apartments.
The steady population increase contributes to higher rental demand, which can be beneficial for those looking to invest in rental properties. Moreover, the relatively more affordable prices of apartments compared to single-family homes present an accessible entry point for first-time investors or those with limited capital.
The current trends also suggest that investments in property here are likely to see continued value appreciation, especially if the population growth remains constant or accelerates, further tightening the housing supply.
Future Market Outlook
The future outlook for Devona’s real estate market remains optimistic. Assuming the continuation of current economic conditions and population trends, property values are expected to maintain their upward trajectory. The area’s population growth acts as a strong indicator for sustained demand in housing.
If Devona continues to attract new residents through job creation or lifestyle offerings, the real estate market should remain robust with potential for both capital gains on property sales and stable rental income streams for investors. However, it is important for potential investors to consider local economic factors and monitor any changes in migration patterns or employment rates that could influence the future performance of the market.
In conclusion, while current indicators point towards a healthy market with investment opportunities, it is vital for investors to conduct thorough due diligence and stay informed about regional developments that could impact real estate values in Devona.
