Lomond, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 2.8% |
| Stock on market | 0.9% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.7% |
| Quarterly trend | 1.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $575,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $330,000 |
| 3 bedrooms | $425,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,500 |
| Population Change | 4.8% |
| Total Private Dwellings | 6,100 |
| Occupied Private Dwellings | 5,600 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Lomond, Alberta is currently experiencing steady growth. With a median house price of $485,000 and a year-over-year price increase of 2.8%, the market is showing positive momentum. Similarly, the median apartment price stands at $295,000, having appreciated by 1.5% over the past year. This growth is reflective of a healthy demand in the housing sector.
Lomond’s population has grown by an impressive 4.8%, underpinning the increased demand for housing in the area. The rise in population suggests a vibrant local economy that could further stimulate the real estate market. Residential properties are being absorbed at a moderate pace, indicating that while there is demand, there is also a sufficient supply to prevent overheating of the market.
Investment Opportunities and Potential
Given the steady increase in property values and the significant population growth, Lomond presents several attractive investment opportunities. The positive trends suggest that investing in residential properties could yield favorable returns as market conditions continue to improve.
For investors looking to enter the housing market, single-family homes represent a stable asset class with the potential for capital gains and rental income growth. On the other hand, apartments offer a more affordable entry point with lower maintenance responsibilities, appealing to both renters and investors alike.
The demographic trends indicate potential for development projects aimed at meeting the housing needs of a growing population. Additionally, rental properties are likely to be in high demand due to new residents moving into the area for employment or lifestyle reasons.
Future Market Outlook
The future outlook for Lomond’s real estate market remains positive based on current indicators. Assuming that economic conditions remain stable and population growth continues on its upward trajectory, we can expect a consistent demand for housing to drive property values upward.
However, potential investors should monitor local economic drivers closely as any significant changes could alter the trajectory of the real estate market. Factors such as employment rates, infrastructure development, and interest rates will play pivotal roles in shaping future market conditions.
In conclusion, while current trends point towards a robust real estate market with room for growth, it is important for stakeholders to stay informed about regional developments that could impact property values and investment viability over time.
