Herronton, Alberta Real Estate Market Data
Updated: Nov 2024
House
Median price | $520,000 |
Monthly growth | 1.1% |
Quarterly trend | 4.0% |
Stock on market | 0.6% |
Apartment
Median price | $320,000 |
Monthly growth | 0.8% |
Quarterly trend | 2.5% |
Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
Bedrooms | Median Price |
---|---|
2 bedrooms | $450,000 |
3 bedrooms | $520,000 |
4 bedrooms | $620,000 |
Apartments
Bedrooms | Median Price |
---|---|
1 bedrooms | $260,000 |
2 bedrooms | $360,000 |
3 bedrooms | $460,000 |
Demographics
Current Population (2025) | 15,500 |
Previous Population (2020) | 15,000 |
Population Change | 3.3% |
Total Private Dwellings | 6,200 |
Occupied Private Dwellings | 5,700 |
Population Density (per km²) | 1.6 |
Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends in Herronton, Alberta
The real estate market in Herronton, Alberta is currently experiencing a steady growth phase. The median house price stands at $520,000, with a positive year-over-year trend of 4%. This indicates a healthy demand for single-family homes, reflective of both the local economic stability and the attractiveness of Herronton as a residential community. Similarly, the median apartment price has reached $320,000, climbing at a slightly more modest rate of 2.5% year-over-year. This differential in growth rates suggests that houses are potentially seeing higher demand compared to apartments.
Alongside these pricing trends, the population of Herronton has shown an impressive growth rate of 3.3%, which is significantly higher than the national average. This population influx can be attributed to factors such as employment opportunities, lifestyle amenities, and the town’s overall livability. The increasing population is a key driver for sustained demand in the housing market.
Investment Opportunities and Potential
Investment opportunities within Herronton’s real estate market appear promising given the consistent growth in property values and population. Investors considering entry into this market can expect continued appreciation in property values based on current trends. Single-family homes represent a particularly attractive investment option due to their higher growth rate compared to apartments.
For those looking at rental properties, the population increase signals a potential rise in rental demand, which could lead to favorable rental yields. The fact that housing prices are growing at a rate higher than apartments could also indicate a possible undersupply or high demand for such properties, presenting an opportunity for development projects catered to this segment.
Future Market Outlook
The future outlook for Herronton’s real estate market remains optimistic. Factors underpinning this positive forecast include the robust population growth rate and sustained economic factors that drive housing demand. Barring any unforeseen economic shifts or policy changes that could impact the housing market adversely, investors and homeowners in Herronton can anticipate continued property value appreciation.
Furthermore, as more people move to Herronton attracted by its opportunities and lifestyle offerings, infrastructure developments are likely to follow suit — potentially unlocking even greater value within the real estate market. It will be important for stakeholders to monitor local economic indicators and demographic trends closely as they will play critical roles in shaping the long-term trajectory of real estate in Herronton.