Dungannon, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $520,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.0% |
| Stock on market | 0.6% |
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 | $450,000 |
| 3 bedrooms | $520,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $460,000 |
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 Dungannon, Ontario, is characterized by steady growth. With a median house price of $520,000, which has increased by 4% year-over-year, the market is demonstrating consistent appreciation. Similarly, the median apartment price stands at $310,000, following a 2.5% increase year-over-year. These trends suggest a healthy demand for housing in both the private home and apartment sectors.
Population growth in Dungannon is strong at 3.3%, outpacing many other regions. This demographic trend is contributing to the demand for housing and helping to sustain the upward pressure on property prices.
Investment Opportunities and Potential
The steady increase in property values indicates a promising environment for real estate investment. Single-family homes are particularly attractive with a 4% growth rate, which may appeal to long-term investors looking for capital appreciation as well as potential rental income. Additionally, with apartments experiencing a slightly lower growth rate of 2.5%, there is an opportunity for investors to enter the market at a more accessible price point.
The ongoing population growth suggests that rental properties could remain in high demand, providing investors with the possibility of stable rental yields over time. Moreover, the current trends also offer potential for new development projects to meet the increasing housing needs of the growing population.
Future Market Outlook
The future market outlook for Dungannon’s real estate remains optimistic given the current trends and demographic factors. The steady rise in property values is expected to continue as long as the population keeps growing and the local economy remains robust. This provides a positive environment for both homebuyers and investors who are looking at long-term gains.
However, it is important for stakeholders to monitor economic indicators and be aware of any changes in local policies or external factors that could impact the market dynamics. Overall, Dungannon presents as a stable market with ongoing opportunities for investment and growth.
