Elko, British Columbia 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 Elko, British Columbia, is currently experiencing steady growth. With a median house price of $500,000 and an annual price appreciation of 3.5%, the housing sector shows resilience and moderate growth. Similarly, the apartment market is following an upward trajectory with a median price point of $300,000 and a year-over-year increase of 2.1%. This growth coincides with Elko’s population expansion, which has recently surged by 7.1%, indicating a rising demand for housing in the region.
Investment Opportunities and Potential
In light of the current market trends, Elko presents several attractive investment opportunities. The consistent increase in property values suggests that investing in residential real estate could yield positive returns. Single-family homes, given their higher rate of appreciation, may offer greater potential for capital gains. Additionally, apartments could be an enticing option for investors looking to enter the market at a lower price point or seeking rental income, as the growing population may translate into higher demand for rental units.
Future Market Outlook
The future outlook for Elko’s real estate market appears optimistic. Population growth is a key indicator suggesting sustained demand for housing. If the current growth rates persist for both population and property prices, it can be anticipated that the real estate market will remain robust. Nevertheless, investors should keep an eye on economic factors that could impact market conditions such as employment rates, interest rates, and regional development plans. Staying informed on these variables will be crucial for making sound investment decisions in Elko’s evolving market.
