Hamlet, Alberta 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 (2024) | 15,000 |
| Previous Population (2019) | 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 Hamlet, Alberta, is currently experiencing a steady growth in property values. With the median house price sitting at $500,000, there has been a noteworthy increase of 3.5% year-over-year. This suggests that the housing market is robust and that homes are appreciating at a reasonable rate.
Apartments in Hamlet are also seeing positive trends, with the median apartment price at $300,000 and an annual growth trend of 2.1%. This slower pace compared to houses may reflect a market that is more accessible to first-time buyers and investors looking for lower entry points into the real estate market.
The population of Hamlet, which stands at 15,000, has grown by 7.1%. Such population growth can be indicative of a healthy local economy and could suggest ongoing demand for housing in the region.
Investment Opportunities and Potential
The consistent rise in property values coupled with significant population growth presents various investment opportunities in Hamlet. The stable increase in house prices indicates that investments in residential real estate have the potential for capital appreciation over time. Investors should consider this market for both short-term renovations and flips as well as long-term rental properties.
Apartments offer a different kind of opportunity; their lower price point and slower growth rate make them potentially attractive as rental properties, especially given the growing population which likely includes renters. Investors focusing on apartments could benefit from both rental income and gradual asset appreciation.
Future Market Outlook
The future real estate market outlook for Hamlet looks promising. With ongoing population growth, demand for housing is expected to remain strong. Provided the local economy stays stable or improves, and assuming no major policy changes that could negatively affect the housing market, one can anticipate continued moderate growth in property values for both houses and apartments.
However, prospective buyers and investors should stay informed about local developments that may impact these trends such as changes in employment rates, new residential developments, and shifts in mortgage rates. Monitoring these factors will be crucial to making informed decisions about entering or exiting the Hamlet real estate market.
