Essex, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $525,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.0% |
| Stock on market | 0.6% |
Apartment
| Median price | $320,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $450,000 |
| 3 bedrooms | $525,000 |
| 4 bedrooms | $625,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $460,000 |
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 Essex, Ontario currently presents a stable growth environment, characterized by a steady increase in property values. The median house price stands at $525,000, with a commendable year-over-year growth of 4%. This indicates a healthily appreciating market, suggesting that demand for homes in Essex is keeping pace with or exceeding supply. Similarly, the median apartment price is $320,000, which has seen a slightly lower but consistent year-over-year growth of 2.5%. This growth can be partially attributed to the population increase of 3.3%, bringing the town’s population to approximately 15,500. Such demographic trends are often correlated with increased demand for housing.
Investment Opportunities and Potential
The positive trend in the housing market suggests that Essex offers promising investment opportunities. With house prices experiencing a 4% increase and apartments 2.5%, investors can expect a favorable return on investment due to the town’s growing demand for properties. The consistent population growth also points to a potentially expanding rental market, which bodes well for investors looking into rental properties. Given the current median prices for houses and apartments, there is an opportunity for investors to cater to both segments of the market – those looking for family homes as well as individuals seeking smaller, more affordable living spaces.
Future Market Outlook
The future outlook for Essex’s real estate market remains optimistic. The sustained population growth should continue to drive housing demand. If this demographic trend persists alongside regional economic development, it is likely that property values will further appreciate, maintaining or possibly exceeding current growth rates. However, potential investors and homebuyers should be cognizant of broader economic conditions and interest rate changes which could affect mortgage affordability and ultimately influence the local real estate market dynamics.
