Fallis, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $490,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| Stock on market | 0.7% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.9% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $490,000 |
| 4 bedrooms | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $430,000 |
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 Fallis, Alberta, is currently experiencing steady growth. With a year-over-year increase of 3.2% for median house prices, now standing at $490,000, the market is showing signs of moderate but stable appreciation. Similarly, the apartment sector has seen a slightly lower growth rate of 1.9%, with the median apartment price reaching $295,000. These trends suggest that the real estate market in Fallis is growing at a healthy pace.
The population of Fallis is 15,500 and has been growing at a rate of 3.3%. This consistent population growth is likely contributing to the demand for housing and helping sustain the upward trajectory of property values.
Investment Opportunities and Potential
Given the steady increase in property values, Fallis presents several attractive investment opportunities. The continuous rise in median house prices indicates that single-family homes might be a wise investment choice for those looking to capitalize on capital gains over time.
Apartments in Fallis are also proving to be a solid investment with a more modest price increase trend. Investors looking for lower entry points into the real estate market might consider this option, particularly as rental demand may grow parallel to the increasing population.
It’s also worth noting that with ongoing population growth, new development projects could be on the horizon, presenting an opportunity for investors interested in entering at the pre-construction stage.
Future Market Outlook
The future outlook for Fallis’s real estate market appears promising. The combination of steady population growth and corresponding housing demand suggests that property values are likely to continue their upward trend.
However, investors should remain aware of external economic factors that could impact interest rates and borrowing costs. A balanced approach considering both potential risks and growth factors should be taken when assessing long-term investments.
In summary, if current trends persist, Fallis’s real estate market may continue to offer beneficial opportunities for both homeowners and investors seeking sustainable growth.
