Millarville, 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 Millarville, Alberta
The real estate market in Millarville, Alberta is currently experiencing stable growth with respect to property values. The median house price in the area stands at $500,000, which reflects a year-over-year increase of 3.5%. This incremental rise indicates a healthy demand for single-family homes and suggests a consistent appreciation of property value within this market segment.
In contrast, apartments in Millarville are displaying a more modest year-over-year price increase of 2.1%, with the median apartment price at $300,000. This slower growth rate may be indicative of a more saturated market or possibly a shift in buyer preference towards detached housing. However, the positive trend still points to an overall upward trajectory for real estate values in the region.
A notable driver behind these trends is the population growth of 7.1% that Millarville has experienced. This demographic expansion is a strong indicator of economic health and can be correlated with increased housing demand, potentially leading to further market buoyancy.
Investment Opportunities and Potential
With the observed housing price trends and demographic growth patterns, Millarville presents several promising investment opportunities. The sustained increase in median house prices indicates that purchasing residential property could be a sound investment with potential for capital gains over time.
Investors may also find value in exploring the apartment sector, given its positive albeit slower growth rate. The lower entry cost for apartments might appeal to first-time investors or those looking for lower-risk investments. Additionally, as the population continues to grow, rental demand is likely to increase, which could translate into steady rental income streams for investors targeting this segment.
Future Market Outlook
The future outlook for Millarville’s real estate market appears optimistic based on current data. Should the population continue to grow at its current rate or faster, we can anticipate ongoing demand for housing which would support further increases in property values.
Factors such as local economic development initiatives, infrastructure improvements, and regional policy changes could also play significant roles in shaping future market conditions. If these factors remain favorable, they will likely reinforce the positive trends observed today and contribute to a robust real estate environment in Millarville moving forward.
