Dunmore, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| Stock on market | 0.7% |
Apartment
| Median price | $290,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $425,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $585,000 |
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 | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Dunmore, Alberta, is currently experiencing a period of steady growth. With the median house price standing at $485,000, the market has seen a 3.2% increase year-over-year. This growth signifies a healthy demand for housing in the area. Additionally, the median apartment price is currently $290,000, showcasing a more modest year-over-year increase of 1.5%. This differential in growth rates suggests that houses are in higher demand compared to apartments.
The population of Dunmore has grown by 3.3%, indicating an expanding community which could be contributing to the increased demand for real estate. The consistent population growth serves as an underlying driver for housing demand and potentially higher real estate values over time.
Investment Opportunities and Potential
For potential investors, Dunmore offers promising opportunities. The consistent increase in property values indicates a stable investment environment. Single-family homes show particularly strong potential due to their higher appreciation rate of 3.2%, compared to apartments. As such, investors might find more significant capital gains in this segment of the market.
Rental properties represent another avenue for investment, supported by population growth which can drive rental demand. Investors should consider both purchase prices and rental market trends when evaluating potential returns on investment.
Future Market Outlook
Looking forward, the market outlook for Dunmore remains positive. Economic factors such as population growth and housing demand trends suggest that the real estate market may continue its upward trajectory. If these trends persist, both house and apartment prices could see further increases.
However, it’s important for investors and potential homebuyers to monitor any economic changes that could impact interest rates or employment levels, as these factors can affect housing affordability and overall market health. Staying informed will be key to navigating the future real estate landscape in Dunmore.
