Falun, Alberta Real Estate Market Data
Updated: Nov 2024
House
Median price | $485,000 |
Monthly growth | 1.0% |
Quarterly trend | 4.2% |
Stock on market | 0.6% |
Apartment
Median price | $290,000 |
Monthly growth | 0.8% |
Quarterly trend | 1.5% |
Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
Bedrooms | Median Price |
---|---|
2 bedrooms | $420,000 |
3 bedrooms | $485,000 |
4 bedrooms | $590,000 |
Apartments
Bedrooms | Median Price |
---|---|
1 bedrooms | $240,000 |
2 bedrooms | $340,000 |
3 bedrooms | $440,000 |
Demographics
Current Population (2025) | 15,500 |
Previous Population (2020) | 15,000 |
Population Change | 3.3% |
Total Private Dwellings | 6,100 |
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 Falun, Alberta, is currently experiencing a steady growth in property values. With the median house price at $485,000, there has been a notable year-over-year increase of 4.2%. This suggests that the market is healthy and properties are appreciating at a moderate pace. Similarly, the median apartment price stands at $290,000, with a more modest growth rate of 1.5% year-over-year. This difference in growth rates between houses and apartments may reflect a greater demand for single-family homes in the region.
The area’s population has shown a robust growth of 3.3%, indicating that Falun is an attractive destination for new residents. This influx of population can be attributed to various factors including employment opportunities, quality of life, and the overall appeal of the community which all serve to bolster housing demand.
Investment Opportunities and Potential
Falun’s real estate market presents attractive investment opportunities, particularly in the single-family housing sector. The consistent growth in house prices suggests that investments in residential properties could yield solid returns over time. Moreover, the growing population suggests an ongoing and increasing demand for housing.
With apartment prices rising at a slower rate than houses, investors might find value in targeting this segment of the market as well. There may be potential for rental investments due to new residents looking for temporary or more affordable housing solutions before transitioning into home ownership.
Investors should also consider the broader economic indicators and development plans within Falun and surrounding areas which could further enhance property values through improved infrastructure, amenities, and job creation.
Future Market Outlook
The future outlook for Falun’s real estate market remains optimistic based on current trends and demographic shifts. The sustained population growth will likely continue to drive housing demand. If economic conditions remain favorable with low unemployment rates and stable interest rates, we can anticipate further steady growth in property values.
However, it is important for investors to remain cautious and informed about local policy changes such as zoning laws or tax regulations which could impact the market dynamics. Additionally, monitoring national economic trends will be crucial as they can significantly influence local real estate markets.
In conclusion, given the current trends and positive indicators such as population growth and gradual property appreciation, Falun’s real estate market appears poised for continued stability and offers appealing prospects for both homeownership and investment opportunities.