Drumheller, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $500,000 |
| Monthly growth | 1.2% |
| Quarterly trend | 3.5% |
| Stock on market | 0.8% |
Apartment
| Median price | $300,000 |
| Monthly growth | 0.9% |
| Quarterly trend | 2.1% |
| Stock on market | 1.2% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $400,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $600,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $250,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2024) | 15,000 |
| Previous Population (2019) | 14,000 |
| Population Change | 7.1% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,500 |
| Population Density (per km²) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Drumheller, Alberta, is currently experiencing stable growth. The median house price stands at $500,000, with a positive year-over-year trend of 3.5%. This suggests that while the market is growing, it does so at a moderate pace, which is typical for smaller markets like Drumheller. Similarly, the median apartment price is $300,000, with a growth trend of 2.1% over the past year. This slower growth rate in apartment prices compared to houses may indicate a different demand dynamic or a larger supply of apartments.
The population of Drumheller has reached approximately 15,000 residents, with a significant population growth of 7.1%. This rapid increase in population may be contributing to the steady demand for housing in the area and underpinning the observed price trends.
Investment Opportunities and Potential
The investment potential in Drumheller’s real estate market appears promising, especially considering the consistent growth in both housing prices and population. Investors looking to capitalize on this trajectory might consider long-term investment strategies to leverage the steady market appreciation.
Houses being more sought after than apartments could be indicative of a market that favors family-oriented properties. Therefore, investors might find opportunities in single-family homes or possibly developing properties that cater to this demographic.
Given the current population boom, there may also be an increasing need for rental properties. Investors could explore opportunities in becoming landlords or investing in property management services to support new residents who may initially opt for renting over buying.
Future Market Outlook
The future outlook for Drumheller’s real estate market seems cautiously optimistic. The combination of rising house and apartment prices and robust population growth suggests that demand for housing will continue to rise. If these trends persist, it could lead to sustained or even increased growth rates in property values over time.
However, investors should remain aware of external factors such as economic conditions and interest rates, which can heavily influence market dynamics. A balanced approach that considers potential risks alongside these positive indicators would be prudent when assessing Drumheller’s future real estate prospects.
