Langley, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $1,349,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.3% |
| Stock on market | 1.0% |
Apartment
| Median price | $749,000 |
| Monthly growth | 0.7% |
| Quarterly trend | 2.5% |
| Stock on market | 1.5% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $1,045,000 |
| 3 bedrooms | $1,349,000 |
| 4 bedrooms | $1,645,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $650,000 |
| 2 bedrooms | $750,000 |
| 3 bedrooms | $850,000 |
Demographics
| Current Population (2024) | 120,000 |
| Previous Population (2019) | 115,000 |
| Population Change | 4.3% |
| Total Private Dwellings | 48,000 |
| Occupied Private Dwellings | 46,000 |
| Population Density (per km²) | 2.5 |
| Land Area (km²) | 2,850.0 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Langley, British Columbia, is currently demonstrating stable growth. With a median house price of $1,349,000 and a year-over-year increase of 4.3%, the market is showing signs of measured appreciation. The median apartment price stands at $749,000, with a slightly lower year-over-year trend of 2.5%. This suggests that while both segments of the housing market are growing, houses are experiencing a relatively higher demand compared to apartments.
The population of Langley has reached approximately 120,000 residents, and it reflects a significant growth rate of 4.3%. This demographic expansion is likely contributing to the steady demand for housing in the region. The congruence between the population growth rate and the house price trend suggests that the housing demand is being met proportionately by the supply, maintaining a balanced market dynamic.
Investment Opportunities and Potential
With consistent growth in property values, Langley presents attractive investment opportunities. The robust population increase hints at ongoing demand for housing, which can assure investors of sustained interest in both purchasing and renting properties. Investors looking to capitalize on appreciation may find single-family homes to be particularly promising, given their stronger year-over-year price trend.
For those interested in rental properties or more affordable investment options, apartments offer a somewhat slower yet still positive appreciation rate. Given the diversity in property types and price points, Langley’s real estate market offers opportunities for a wide range of investment strategies and budgets.
Future Market Outlook
The future outlook for Langley’s real estate market remains positive. If current trends continue, investors and homeowners can anticipate ongoing gradual increases in property values. The local government’s development plans and infrastructure improvements are likely to support further population growth which will contribute to a sustained demand for housing.
However, potential investors should also consider economic variables such as interest rates and employment rates that could impact buyer affordability and influence market conditions. Monitoring these indicators alongside population trends will be crucial for making informed predictions about the future state of Langley’s real estate market.
