Greenwood, British Columbia 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
The real estate market in Greenwood, British Columbia is currently experiencing a period of moderate growth. The median house price stands at $500,000, with a year-over-year increase of 3.5%. This steady growth indicates a healthy demand for housing in the area, reflective of the overall economic conditions and consumer confidence.
In comparison, the median apartment price is lower, at $300,000, with a slower growth rate of 2.1% year-over-year. This may suggest that while there is an interest in more affordable and possibly smaller housing units, it does not match the demand for standalone houses.
The population of Greenwood is approximately 15,000 people, and it has witnessed a significant growth rate of 7.1%. Such demographic expansion can contribute to the demand for housing and potentially push prices upward over time as supply struggles to keep up with the growing population.
Investment Opportunities and Potential
The consistent rise in house prices coupled with a robust population growth suggests that Greenwood holds promising investment opportunities. Investors could anticipate continued appreciation in property values, especially if the population growth maintains its current trajectory.
The divergence in price trends between houses and apartments offers an insight into different market segments. While standalone houses are seeing greater appreciation, investors might also consider apartments as an entry point into the real estate market or to cater to individuals who are seeking more affordable housing options.
Moreover, Greenwood’s increasing population may result in heightened demand for rental properties. Investors looking to generate passive income through rental yields might find this market particularly attractive.
Future Market Outlook
Given the current trends and demographic indicators, Greenwood’s real estate market outlook remains positive. If the population continues to grow at the current rate or higher, it can be expected that demand for both houses and apartments will persistently drive property values upward.
An important consideration for future outlook is any upcoming infrastructure developments or policy changes that might influence the real estate landscape. Investors and potential homebuyers should stay informed about local government plans that could affect property prices or create new opportunities within Greenwood’s market.
To conclude, with careful analysis of specific neighborhoods and property types, stakeholders can make informed decisions to leverage the potential of Greenwood’s real estate market.
