Millet, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 4.2% |
| Stock on market | 0.9% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.7% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $495,000 |
| 4 bedrooms | $610,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $440,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 14,500 |
| Population Change | 3.4% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
In Millet, Alberta, the real estate market is exhibiting a steady growth pattern. The median house price in the region currently stands at $495,000, which marks a 4.2% year-over-year increase. This indicates a healthy demand for detached homes, likely driven by both local population growth and external interest in the area’s residential properties.
Similarly, the apartment market is also showing positive trends with the median price of an apartment resting at $295,000, and experiencing a 2.5% year-over-year growth. This growth, although more modest compared to that of houses, signals a consistent demand for more affordable and low-maintenance living spaces among residents and investors alike.
The population in Millet has grown to approximately 15,000 residents, with a robust 3.4% growth rate. This influx of new residents contributes to the increased housing demand, reinforcing the overall upward trend in property values within the town.
Investment Opportunities and Potential
Millet’s real estate market presents several attractive investment opportunities. The steady rise in property values indicates that investments made today have strong potential for capital appreciation over time. Detached houses show a particularly promising trend with a 4.2% annual increase in median prices; this segment offers significant potential for investors looking for long-term growth.
Apartments, with their lower entry price point and 2.5% price increase trend, present an opportunity for investors seeking more accessible investment options or aiming to cater to individuals or small families looking for affordable housing solutions.
The consistent population growth ensures a continuous demand for rental properties as well. Investors can capitalize on this by purchasing residential units to rent out to locals or newcomers who may not be ready or able to purchase their own homes.
Future Market Outlook
The future outlook of Millet’s real estate market appears promising. Given the current trends and population growth figures, it is reasonable to expect that the demand for both houses and apartments will continue to rise. This ongoing demand may lead to further increases in property values over time. The town’s development plans and economic stability will play critical roles in sustaining this growth trajectory.
An additional factor contributing to Millet’s positive market outlook is its proximity to major urban centers and transportation networks, which could attract commuters and individuals working in nearby cities who prefer living in a smaller community.
To sum up, Millet’s real estate market shows signs of sustainability with healthy price trends and increasing population indicators. Both short-term investors looking for rental income opportunities and long-term investors banking on capital gains can find viable investment avenues here. As always, potential investors should conduct thorough research or consult professionals before making financial commitments.
