Dracon, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $515,000 |
| Monthly growth | 1.3% |
| Quarterly trend | 4.0% |
| Stock on market | 0.7% |
Apartment
| Median price | $310,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $425,000 |
| 3 bedrooms | $515,000 |
| 4 bedrooms | $615,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2024) | 15,300 |
| Previous Population (2019) | 15,000 |
| Population Change | 2.0% |
| 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 Dracon, Ontario currently showcases a steady growth pattern. The median house price stands at $515,000, which indicates a solid 4% year-over-year increase. This consistent rise reflects a healthy demand for housing in the region. Conversely, the median apartment price is noted at $310,000, following a slightly lower growth trend at 2.5% year-over-year. This disparity in growth between houses and apartments suggests that single-family homes are potentially more sought after in this market or that there is an undersupply driving prices up more rapidly than for apartments.
The population of Dracon has been growing at a rate of 2%, reaching 15,300 residents. This population growth is likely contributing to the increasing demand for housing and can be seen as an indicator of a robust local economy attracting new residents.
Investment Opportunities and Potential
Given the steady appreciation in property values, Dracon presents attractive investment opportunities. The consistent increase in median house prices suggests that investing in residential real estate could yield favorable returns, particularly for long-term investors focused on capital gains.
Apartments also offer potential for investors, especially those looking to enter the market at a lower price point. With a 2.5% growth rate, investment in apartments could be well-suited for those interested in rental income as well as moderate capital appreciation. Additionally, the continuous influx of residents may lead to a higher demand for rental properties, thus benefiting landlords and investors in multi-family units.
Future Market Outlook
The future outlook for Dracon’s real estate market remains optimistic. Assuming the current trends continue, property values are expected to keep rising moderately. The ongoing population growth will likely sustain housing demand, supporting both the resale market and new housing developments.
However, investors should monitor potential economic factors that could influence these trends such as employment rates, interest rates, and regional economic developments. Should these remain stable or improve, Dracon’s real estate market could see continued strength making it an appealing area for both homebuyers and investors alike.
