Eganville, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $499,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.8% |
| Stock on market | 0.9% |
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 | $499,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $430,000 |
Demographics
| Current Population (2024) | 15,200 |
| Previous Population (2019) | 14,500 |
| Population Change | 4.8% |
| Total Private Dwellings | 6,100 |
| 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 current real estate market in Eganville, Ontario, reflects a moderate level of activity with a focus on single-family homes. The median house price stands at $499,000, which represents a 3.8% year-over-year increase. This growth rate indicates a steadily appreciating market, likely influenced by both local demand and broader provincial trends.
Similarly, the median apartment price is currently $295,000, having experienced a 2.5% year-over-year increase. The slower growth rate in apartment prices compared to houses suggests that there is slightly less pressure in the apartment sector of the market, which may be due to demographic preferences or the relative availability of such units.
The population of Eganville has grown by 4.8%, suggesting that the area is experiencing an influx of residents. This increase in population is likely contributing to the demand for housing and can be seen as a positive indicator for continued market activity.
Investment Opportunities and Potential
Eganville’s housing market presents various investment opportunities. Given the steady rise in median house prices, investors might find long-term capital gains in purchasing single-family homes. This asset class seems to be appreciating consistently, possibly offering better returns over time.
Apartments present a different investment profile with their slower price appreciation. However, their lower entry price point makes them accessible investments for those looking to enter the real estate market or diversify their portfolio with rental properties. With population growth outpacing housing price increases, demand for rental accommodations could rise, potentially increasing rental yields for investors.
The positive population growth rate also opens up opportunities for development and new construction to meet the growing housing demand. Investors and developers considering new residential projects may find Eganville an attractive option given its growing population base.
Future Market Outlook
The future real estate market outlook for Eganville appears cautiously optimistic. Population growth is an essential driver of housing demand, and with a 4.8% increase in residents, it is likely that the market will remain active. Should this trend persist, it could lead to sustained or even increased growth in property values over time.
The consistent appreciation of house prices suggests that Eganville’s real estate market is healthy and robust. Assuming no significant economic disruptions occur locally or provincially, this trend may continue into the foreseeable future.
In conclusion, while mindful of broader economic conditions that could impact local markets, current trends and data suggest that Eganville’s real estate market holds potential for both immediate investment and future growth prospects.
