Drumheller, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 2.8% |
| Stock on market | 0.8% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.9% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $590,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $440,000 |
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 in Drumheller, Alberta
The real estate market in Drumheller is currently experiencing a stable growth trend. With a median house price sitting at $485,000 and a year-over-year increase of 2.8%, the residential sector is showing signs of moderate strength. This increment reflects a healthy demand for housing, which could be attributed to the town’s appeal to both residents and investors.
Similarly, the apartment sector is witnessing an upward trajectory with the median apartment price tagged at $295,000, increasing at a slightly lower but steady rate of 1.9% year-over-year. The consistent growth in property values indicates a balanced market where supply meets demand without causing an overheated environment.
Drumheller’s population has also seen a positive change, growing by 2% to reach 15,300 residents. This demographic trend supports the ongoing demand for housing and suggests that the market is expanding alongside its population.
Investment Opportunities and Potential in Drumheller
Given the current market trends, Drumheller presents several investment opportunities. The steady rise in property prices across both houses and apartments points towards sustainable appreciation in asset values over time, making real estate purchases here potentially beneficial for long-term investors.
The moderate year-over-year growth rates suggest that investments may carry lower risks of sudden market corrections compared to regions with more volatile pricing trends. Furthermore, with the population growth rate outpacing many other localities, rental properties could be particularly lucrative due to increased demand for housing from new residents settling in the area.
Future Market Outlook for Drumheller
Looking ahead, Drumheller’s real estate market appears poised for continued growth. The combination of steady price increases and consistent population expansion lays the groundwork for a robust future market outlook. As long as economic conditions remain favorable and no significant external shocks occur, investors can reasonably expect ongoing appreciation of property values.
The local government’s plans for community development and infrastructure improvements are likely to further enhance Drumheller’s attractiveness as a place to live and invest. Prospective buyers and investors should maintain an optimistic yet cautious approach by monitoring economic indicators closely while considering long-term investments in this growing Alberta town.
