Egremont, 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 (2024) | 15,000 |
| Previous Population (2019) | 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 Egremont, Ontario is currently characterized by modest but steady growth. The median house price in the area stands at $500,000, showing a year-over-year increase of 3.5%. This suggests consistent demand and a healthy market that is managing to grow without the volatility seen in some other regions. Meanwhile, the apartment sector is experiencing a slightly lower growth rate, with median prices at $300,000 and an annual increase of 2.1%. The slower growth rate in the apartment sector could be indicative of a market that has more room for negotiation or lesser demand compared to detached homes.
Egremont’s population has grown by a significant 7.1% which may contribute to the increased housing demand and consequently the uptick in property values. This demographic trend is crucial as it may point towards sustained future demand for housing in the region.
Investment Opportunities and Potential
The current trends provide a positive outlook for potential investors in Egremont’s real estate market. The steady growth in house prices coupled with substantial population increase suggests that there is ongoing and potentially rising demand for housing. Investment in residential properties could thus yield returns due to both capital appreciation and rental income, particularly if population growth continues as current trends suggest.
Apartments offer a different kind of opportunity; with their lower annual price increase, investors might find more competitive pricing and better deals. Given the significant population growth, rental demand is likely strong and growing, which may present opportunities for those looking to invest in rental properties or enter the housing market at a more accessible price point.
Future Market Outlook
The future real estate market outlook for Egremont appears optimistic based on current data. If the town maintains its population growth trajectory of 7.1%, housing demand is likely to remain robust. Moreover, the steady appreciation of house prices at 3.5% year-over-year indicates a market that is not overheating but rather growing at a sustainable pace.
This balance suggests that investors can expect continued growth without the fear of sudden market corrections typically associated with overheated markets. However, it remains essential for investors to monitor economic factors such as employment rates, local industry performance, and interest rate changes, as these will also influence Egremont’s real estate dynamics.
In summary, Egremont’s real estate market shows positive signs for both homeowners and investors with its steady growth and strong demographic fundamentals underpinning demand. Prudent investment strategies tailored to this market’s specific conditions are likely to be rewarded in both the short and long term.
