Hearst, Ontario 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 | $420,000 |
3 bedrooms | $500,000 |
4 bedrooms | $580,000 |
Apartments
Bedrooms | Median Price |
---|---|
1 bedrooms | $260,000 |
2 bedrooms | $340,000 |
3 bedrooms | $420,000 |
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) | 6.0 |
Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Hearst, Ontario, is currently characterized by a steady increase in property values. The median house price stands at $500,000, with a year-over-year growth rate of 3.5%. This indicates a healthy demand for single-family homes and a stable investment environment. The apartment sector is also experiencing growth, albeit at a more moderate pace, with the median apartment price reaching $300,000 and an appreciation trend of 2.1% over the past year.
The population of Hearst has shown significant growth, with an increase of 7.1%, bringing the total to approximately 15,000 residents. This demographic expansion has contributed to the sustained demand for housing in the area.
Investment Opportunities and Potential
In light of the market conditions, there are several promising opportunities for investors in Hearst’s real estate market. The consistent house price trend presents potential for capital gains on long-term investments in residential properties. With a moderate but steady increase in apartment prices, multifamily units can offer a balanced mix of cash flow and appreciation potential.
Given the population growth, there’s also an opportunity to develop new housing projects or renovate existing properties to cater to the increasing demand. Investors may consider both residential and commercial real estate investments as the local economy may expand alongside population growth.
Future Market Outlook
The future outlook for Hearst’s real estate market remains positive based on current trends and demographic indicators. Assuming the population continues to grow at a similar or higher rate, demand for housing will likely remain strong. This bodes well for both property value appreciation and rental market stability.
If local economic conditions remain favorable and the town continues to attract new residents due to its amenities or employment opportunities, investors can expect a robust real estate market with ongoing opportunities for profitable investments.
However, as with any investment decision, it is crucial to conduct thorough due diligence and stay informed about both local and broader economic factors that could impact the real estate market in Hearst.