Hammond, Ontario Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.0% |
| 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 | $420,000 |
| 3 bedrooms | $495,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $330,000 |
| 3 bedrooms | $450,000 |
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 Hammond, Ontario is currently experiencing steady growth. With a median house price of $495,000, the market has seen a 4% year-over-year increase. The growth trend is consistent but not excessively fast, indicating a stable market. Similarly, the median apartment price stands at $295,000, with a slight growth trend of 2.5% year-over-year. This slower growth rate in the apartment sector suggests that houses are in higher demand compared to apartments.
The population of Hammond is approximately 15,500, which has grown by 3.3%. This above-average population growth can create increased demand for housing and may indicate potential for further real estate development to accommodate the expanding community.
Investment Opportunities and Potential
Given the steady increase in property values and the growing population, investment opportunities within Hammond are promising. The stable growth rate in house prices provides investors with a moderately low-risk environment for residential property investment. Moreover, the ongoing population increase could translate into sustained demand for rental properties.
Investors should also consider the slower growth in apartment prices as an opportunity to enter the market at a more affordable price point. There may be potential for long-term gains if demand for more diverse housing options rises alongside population growth.
Future Market Outlook
The future outlook of Hammond’s real estate market appears positive. With a consistent increase in property values and a growing population base, it is likely that demand for both ownership and rental properties will continue to rise.
However, investors should be mindful of external factors such as changes in interest rates, economic stability, and local employment opportunities which could affect market conditions. Keeping an eye on such variables will be crucial for making informed decisions regarding real estate investments in Hammond.
The ongoing residential development necessary to meet the needs of a growing population may also lead to new neighborhoods and investment opportunities within the region. It is advisable for investors to monitor zoning changes and proposed developments that can impact property values in the future.
