Hobart, 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 | $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 Hobart, Ontario is currently characterized by steady growth. With a median house price of $500,000 and an annual increase of 3.5%, the market is demonstrating consistent appreciation. The apartment sector also follows a positive trajectory with a median price of $300,000 and a growth rate of 2.1% year-over-year. This suggests a healthy balance between supply and demand in the housing market.
The population of Hobart has seen a significant growth of 7.1%, which is likely contributing to the sustained demand for housing in the area. This demographic trend is often indicative of a vibrant local economy attracting residents for employment opportunities or lifestyle choices. Consequently, this population influx is expected to continue exerting upward pressure on both housing prices and rental rates.
Investment Opportunities and Potential
Given the current market conditions, investment opportunities in Hobart appear promising. The steady growth in property values provides potential for capital gains over time, particularly for investors looking at long-term horizons. Additionally, the strong population growth could indicate robust rental demand, making buy-to-let properties an attractive proposition.
Investors may find particular potential in the apartment sector, where the slightly lower growth rate suggests more accessible entry points for investment while still offering decent appreciation prospects. Moreover, as younger professionals and smaller households may be drawn to apartment living due to affordability or lifestyle preferences, targeting this segment could yield favorable rental occupancy rates.
Future Market Outlook
The outlook for Hobart’s real estate market remains optimistic. Assuming that the local economic conditions remain favorable and population trends continue their current trajectory, housing demand is likely to stay strong. This bodes well for both continued property value appreciation and sustained interest from buyers and renters alike.
However, investors should stay informed about any potential changes in government policies regarding real estate taxation or land development regulations that could affect market dynamics. Monitoring interest rates will also be crucial as they can significantly impact mortgage affordability and thus influence both buying power and investment returns.
In summary, the current data presents Hobart as an attractive market for potential real estate investors with an expectation of ongoing growth based on prevailing trends. Caution and due diligence are advised to anticipate any shifts that might arise from local or broader economic changes.
