Forestburg, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $487,500 |
| Monthly growth | 1.1% |
| Quarterly trend | 2.9% |
| Stock on market | 0.8% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $425,000 |
| 3 bedrooms | $487,500 |
| 4 bedrooms | $575,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $420,000 |
Demographics
| Current Population (2024) | 15,000 |
| Previous Population (2019) | 14,300 |
| Population Change | 4.9% |
| 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
In Forestburg, Alberta, the real estate market has been exhibiting moderate growth. The median house price currently stands at $487,500, marking a year-over-year increase of 2.9%. This steady growth indicates a stable market that is attracting homebuyers looking for long-term value. Similarly, apartments have experienced a price growth trend of 2.5% year-over-year, with the median apartment price set at $295,000. Such increments suggest a balanced demand in the housing sector.
The local population has reached approximately 15,000 residents, witnessing a significant growth rate of 4.9%. This demographic trend is likely to contribute positively to housing demand, as a growing population often correlates with increased need for residential properties.
Investment Opportunities and Potential
Given the current market conditions, Forestburg presents several attractive investment opportunities. The consistent growth in property values reflects positively on the investment potential in both houses and apartments. As the population continues to rise, the demand for rental properties could see an uptick, potentially yielding higher rental income for investors.
The comparatively affordable median prices for both houses and apartments suggest that there is room for capital appreciation over time. Investors looking to enter the market could find long-term value in purchasing properties now and benefiting from gradual price increases as the market continues to expand.
Future Market Outlook
The future outlook for the Forestburg real estate market appears promising due to sustained population growth and stable property value increases. Should these trends continue, we can expect further gradual appreciation in property values. This makes Forestburg an attractive location for both homebuyers seeking stability and security in their investments and investors looking for reliable growth potential.
However, it’s important to monitor economic factors that may influence market conditions such as employment rates, interest rates, and regional development projects. Positive developments in these areas could further bolster market growth, while adverse changes might moderate the current upward trends.
