Millet, 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
The real estate market in Millet, Alberta, is currently experiencing a period of growth, with both the median house and apartment prices showing a positive year-over-year trend. The median house price stands at $500,000, with a growth rate of 3.5% from the previous year. Similarly, apartments have seen an increase in median price to $300,000, up by 2.1% over the same period.
The population of Millet has grown to 15,000 residents—a significant increase of 7.1%, suggesting a rising demand for housing in this area. This uptick in population is likely contributing to the steady appreciation in property values as more individuals and families seek residence in the community.
Investment Opportunities and Potential
Given the current market conditions, Millet presents several attractive investment opportunities. The consistent rise in property values indicates a stable market that could offer long-term capital gains for investors. Single-family homes, with their higher year-over-year price increase, seem particularly promising for those looking to invest in residential real estate.
For potential landlords or those interested in rental properties, the growing population suggests a sustainable demand for rental accommodations. Investors could capitalise on this by purchasing apartments or houses to rent out to locals or newcomers to the city.
Future Market Outlook
The future market outlook for Millet remains optimistic. The continuous population growth paired with consistent increases in property values points towards a robust and expanding market. If these trends persist, investors can reasonably expect ongoing appreciation in property investments.
However, it is essential for potential investors to monitor local economic factors and development plans that could influence the real estate market’s trajectory. Infrastructure improvements and job creation initiatives within Millet would further bolster the positive outlook and attract additional residents—and by extension, homebuyers—to the area.
