Essa, Ontario Real Estate Market Data
Updated: Nov 2024
House
Median price | $585,000 |
Monthly growth | 1.3% |
Quarterly trend | 4.2% |
Stock on market | 0.6% |
Apartment
Median price | $325,000 |
Monthly growth | 1.0% |
Quarterly trend | 3.0% |
Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
Bedrooms | Median Price |
---|---|
2 bedrooms | $500,000 |
3 bedrooms | $585,000 |
4 bedrooms | $680,000 |
Apartments
Bedrooms | Median Price |
---|---|
1 bedrooms | $275,000 |
2 bedrooms | $350,000 |
3 bedrooms | $450,000 |
Demographics
Current Population (2025) | 15,500 |
Previous Population (2020) | 15,000 |
Population Change | 3.3% |
Total Private Dwellings | 6,500 |
Occupied Private Dwellings | 5,900 |
Population Density (per km²) | 1.6 |
Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Essa, Ontario is currently experiencing modest growth. The median house price sits at $585,000, which represents a year-over-year increase of 4.2%. This suggests a stable demand for housing in the area, with prices gradually appreciating. On the other hand, the median apartment price is $325,000, showing a slightly lower year-over-year growth of 3%. This difference in growth rates between houses and apartments may indicate a stronger market preference for single-family homes.
With a population of 15,500 residents that has grown by 3.3%, Essa’s real estate demand is likely bolstered by this demographic expansion. The steady population growth can be attributed to Essa’s appeal as a community offering both rural charm and accessibility to larger urban centers.
Investment Opportunities and Potential
The investment landscape in Essa presents significant opportunities. Single-family homes, given their higher appreciation rate, appear to be particularly promising investments. Furthermore, the ongoing population growth implies an increasing demand for housing, which could sustain or even accelerate the current price trends.
Apartments offer a more affordable entry point into the real estate market and may appeal to investors looking for rental properties or catering to individuals who cannot afford higher-priced homes. The consistent growth in apartment prices also suggests that this segment is healthy and provides potential for long-term capital gains.
Future Market Outlook
Essa’s real estate market outlook appears positive due to several factors. Continued population growth is expected to drive demand for housing. Moreover, the current trends show steady appreciation rates for both houses and apartments without any indication of an overheated market or a speculative bubble.
The local government’s development plans and infrastructure investments could further enhance property values by improving amenities and accessibility. Investors should monitor such developments closely as they can significantly impact future property valuations.
In conclusion, Essa’s real estate market holds promise for investors due to its stable growth trends and potential benefits from demographic changes and regional developments. As always, investors are encouraged to conduct thorough due diligence and consider long-term horizons when entering this market.