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Herronton, Alberta Real Estate Market Data

Updated: Nov 2024

House

Median price $485,000
Monthly growth 1.1%
Quarterly trend 2.8%
Stock on market 0.6%

Apartment

Median price $295,000
Monthly growth 0.8%
Quarterly trend 1.9%
Stock on market 1.0%

Prices by Number of Bedrooms

Houses

Bedrooms Median Price
2 bedrooms $410,000
3 bedrooms $485,000
4 bedrooms $590,000

Apartments

Bedrooms Median Price
1 bedrooms $245,000
2 bedrooms $340,000
3 bedrooms $430,000

Demographics

Current Population (2025) 15,200
Previous Population (2020) 14,500
Population Change 4.8%
Total Private Dwellings 6,200
Occupied Private Dwellings 5,700
Population Density (per km²) 1.6
Land Area (km²) 2,500.5

Market Analysis





Herronton, Alberta Real Estate Market Analysis

Current Market Conditions and Trends

As of the latest data, the real estate market in Herronton, Alberta is experiencing a period of moderate growth. With a median house price sitting at $485,000, the market has seen an appreciable year-over-year increase of 2.8%. Similarly, the median apartment price currently stands at $295,000, with a slightly lower growth trend of 1.9% year-over-year.

The population of Herronton has been growing steadily, indicating a robust local economy and potentially increased demand for housing. The town’s population now numbers 15,200 residents, reflecting a significant growth rate of 4.8%. This demographic expansion is an important factor contributing to current market conditions as it suggests a rising demand for both ownership and rental properties.

Investment Opportunities and Potential

Given the steady increase in property values and the significant population growth, Herronton presents attractive opportunities for real estate investors. The upward trend in house prices indicates a healthy market that retains value over time, making long-term investments particularly appealing. Additionally, with apartment prices increasing at a more modest rate of 1.9% year-over-year, there may be potential for investors to enter the market at a lower initial cost while still benefiting from the overall growth trends.

In terms of rental investments, the burgeoning population suggests that there will be an ongoing need for rental accommodations. Investors could capitalize on this demand by acquiring properties to rent out to locals and newcomers alike, ensuring steady rental income as the town continues to grow.

Future Market Outlook

The future real estate market outlook for Herronton appears promising. The consistent rise in property values coupled with substantial population growth lays down a foundation for ongoing demand. If current trends persist, we can anticipate sustained or possibly even increased rates of appreciation in property values over the coming years.

The local economy’s health and demographic trends will continue to be pivotal factors influencing the market’s direction. Should Herronton maintain its economic vitality and attract further residential influx, the real estate market is likely to remain robust. Prospective buyers and investors should monitor these trends closely to make informed decisions when considering entering or expanding their presence in Herronton’s real estate market.