Drummond, Ontario 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 (2025) | 15,000 |
Previous Population (2020) | 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 Drummond, Ontario currently presents a stable growth environment. With a median house price of $500,000 and a year-over-year increase of 3.5%, the market is experiencing healthy appreciation. This trend indicates a steady demand for housing in the area. Similarly, the median apartment price stands at $300,000, with a slightly lower growth rate of 2.1% year-over-year. This slower growth rate suggests that apartments are a more accessible entry point into the real estate market for buyers.
Drummond’s population has grown by 7.1%, signaling an influx of new residents and potential homebuyers or renters. This growth can contribute to the demand for housing, supporting the current upward pricing trends. It’s also worth noting that such population increases may lead to diverse opportunities in the rental market for investors.
Investment Opportunities and Potential
The growing population and stable price appreciation in Drummond create attractive investment opportunities, particularly in residential properties. Investors could potentially benefit from both capital gains and rental income given the sustained demand driven by population growth.
Single-family homes, with their 3.5% price appreciation, could offer solid long-term investment prospects as family units seek stability in suburban areas like Drummond. Meanwhile, apartments are not far behind in terms of investment potential due to their more modest 2.1% price increase, which may appeal to first-time homebuyers or individuals looking for affordable housing options.
With the current market conditions offering a balanced mix of affordability and growth, investors might consider diversifying their portfolio to include both property types to capitalize on different segments of the market.
Future Market Outlook
Looking ahead, Drummond’s real estate market appears positioned for continued growth. The consistent rise in housing prices coupled with significant population expansion suggests that demand will remain robust. If these trends persist, we can anticipate further gradual increases in property values across both houses and apartments.
However, investors should monitor potential shifts in economic conditions or local policies that could affect market dynamics. Factors such as interest rate changes, employment rates in key industries within the region, and development projects could influence future market performance.
In conclusion, Drummond offers promising opportunities for real estate investment against a backdrop of steady market conditions. Caution and due diligence are advised to navigate changing circumstances and maximize potential returns on investment.