Dover, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 2.8% |
| Stock on market | 0.6% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.7% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $495,000 |
| 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
The real estate market in Dover, Alberta is currently experiencing steady growth. The median house price stands at $495,000, which represents a 2.8% year-over-year increase. This growth indicates a healthy demand for houses in this region. Similarly, the market for apartments is also showing upward momentum with a median price of $295,000, along with a more modest 1.7% year-over-year growth. The population of Dover has reached approximately 15,500 residents and is growing at a rate of 3.3%, further signifying potential for continued demand in the housing market.
Investment Opportunities and Potential
In light of the current trends, Dover presents several promising investment opportunities. The consistent appreciation of house prices suggests that buying residential property could yield considerable returns over time. Moreover, the steady increase in apartment prices coupled with population growth points to strong rental market prospects. Investors can potentially capitalize on both capital appreciation and rental income in this expanding market. Given the population’s growth trend, there is likely an emerging demand for diverse housing options, making it an opportune time for developments that cater to different segments of the market.
Future Market Outlook
The future real estate market outlook for Dover remains optimistic. The consistent population growth serves as a key indicator of sustained demand for housing. With the current upward price trends, it is reasonable to expect that property values will continue to rise at a comparable or potentially greater rate. However, investors should remain mindful of broader economic conditions and local developments that could impact these projections. Overall, Dover’s real estate market appears poised for ongoing growth, making it an attractive area for both short-term investments and long-term property holdings.
