Evansville, 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 (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
Evansville’s real estate market is currently exhibiting stable growth. The median house price in the area stands at $500,000, reflecting a year-over-year increase of 3.5%. This steady rise in home values suggests a healthy demand for single-family homes. Similarly, the median apartment price has been on an upward trajectory, reaching $300,000 with a more modest growth rate of 2.1% over the past year. The sustained price increases for both houses and apartments indicate that Evansville’s real estate market is experiencing consistent expansion.
This growth can be partially attributed to Evansville’s population rise, which has seen a substantial increase of 7.1%. This significant influx of new residents is likely fueling demand for housing within the region, contributing to the overall appreciation in property values. The current market conditions are favorable for sellers due to the increased demand and limited supply, leading to competitive pricing and potential bidding wars on desirable properties.
Investment Opportunities and Potential
Considering the positive trends in population growth and property value appreciation, Evansville presents attractive investment opportunities. The steady gain in median house prices suggests that investments in single-family homes could yield solid returns as the market continues to grow. For those looking for a lower entry point, apartments offer a viable alternative with their more moderate yet consistent year-over-year price increase.
Investors should also note the potential for rental income properties in this expanding community. With an influx of new residents outpacing current housing stock, there is likely a rising demand for rental accommodations. Additionally, given the area’s robust population growth rate, long-term investments have the potential to benefit from continued appreciation driven by increasing local demand.
Future Market Outlook
The future outlook for Evansville’s real estate market remains optimistic based on current data trends and demographic shifts. If the population continues to grow at its current pace of 7.1%, it is reasonable to anticipate ongoing demand for housing which will support property value appreciation. The trends suggest that both homebuyers and investors can expect sustained market health with potential for future gains.
However, prospective buyers and investors should monitor economic indicators such as employment rates, local industry performance, and interest rates as these factors can significantly impact real estate markets. While current conditions are favorable, external economic forces could alter market dynamics.
In conclusion, Evansville offers promising prospects for those interested in entering or expanding their presence in the real estate market. Ongoing monitoring of economic conditions and staying informed about local developments will be key to making sound investment decisions in this burgeoning Ontario community.
