Drummond, New Brunswick Real Estate Market Data
Updated: Nov 2024
House
| Median price | $490,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.0% |
| Stock on market | 0.7% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $490,000 |
| 4 bedrooms | $570,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $420,000 |
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 current real estate market in Drummond, New Brunswick, exhibits signs of steady growth. The median house price in the area is currently at $490,000, with a year-over-year increase of approximately 4%. This consistent upturn indicates a healthy demand for housing in the local market. Meanwhile, the median apartment price stands at $295,000, having experienced a slightly lower growth rate of 2.5% year-over-year. This differential suggests that houses are becoming increasingly more desirable than apartments in Drummond’s market.
The population of Drummond has seen a significant increase of 3.3%, bringing the total number of residents to approximately 15,500. This demographic growth contributes to the sustained demand for housing and can be seen as a driving factor behind the rising property values.
Investment Opportunities and Potential
In light of the current market conditions, Drummond presents several attractive investment opportunities. The robust population growth paired with increasing property values offers potential for both short-term gains through property flipping and long-term wealth accumulation via rental properties. Investors might find particular interest in single-family homes given their higher appreciation rate compared to apartments.
Additionally, the relatively moderate median prices for both houses and apartments make Drummond an accessible market for investors with varying budgets. The consistent upward trend in property values also suggests that investments made now could benefit from further appreciation over time.
Future Market Outlook
The future outlook for Drummond’s real estate market remains optimistic. With strong population growth serving as a key indicator, demand for housing is expected to continue its upward trajectory. Should local economic conditions remain stable or improve, we can anticipate further increases in property values.
The ongoing development and community investment are likely to enhance the quality of life in Drummond, making it an even more attractive location for prospective buyers and renters alike. Consequently, the real estate market here is poised for continued growth and remains a promising area for investment.
