Magrath, Alberta 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 (2025) | 15,000 |
| Previous Population (2020) | 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
In Magrath, Alberta, the real estate market is currently exhibiting stable growth. The median house price stands at $500,000, with a year-over-year increase of 3.5%. This indicates a healthy demand for detached homes within the community. Similarly, the market for apartments is also experiencing growth, albeit at a slightly slower pace. The median apartment price is $300,000, and it has risen by 2.1% over the past year.
The population of Magrath has reached approximately 15,000 residents, with an impressive growth rate of 7.1%. Such demographic expansion suggests a burgeoning local economy and could be indicative of a sustained demand for housing. Notably, the housing market’s growth rates have outpaced inflation, suggesting that real estate in Magrath is appreciating in value faster than many other economic sectors.
Investment Opportunities and Potential
The current trends in Magrath present several investment opportunities. The consistent rise in home values points to a market that has room for both short-term gains through resale and long-term gains via property appreciation and rental income. As the population continues to grow, demand for housing is expected to drive further development.
Investors may find particular potential in single-family homes due to their higher appreciation rate when compared to apartments. However, apartments should not be overlooked as they offer a more accessible entry point into the real estate market and may appeal to new residents or those seeking affordable housing options.
Given the steady population increase, developers might also consider new construction projects or renovations of older properties to meet the evolving needs of residents. There is a potential niche market for upscale housing or amenities-rich apartment complexes that could attract higher-income tenants or buyers.
Future Market Outlook
The future outlook for Magrath’s real estate market remains positive based on current trends and data. If the population continues to grow at its current rate or even accelerates due to economic opportunities in the area, housing demand will likely increase correspondingly.
The inclination towards moderate but steady price increases holds promise for sustainable growth without the overheating seen in some markets. This balanced expansion can provide a degree of stability for investors and homeowners alike.
However, any future outlook should be tempered with caution given economic uncertainties that can impact local and national real estate markets. Interest rates, employment levels, and regional economic policies are factors that will continue to influence Magrath’s real estate landscape moving forward.
In conclusion, Magrath offers solid opportunities for investors and homeowners looking for growth in an emerging market within Alberta while maintaining watchfulness on broader economic indicators that could affect future trends.
