Mitchell, Manitoba Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.8% |
| Stock on market | 0.9% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $590,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $330,000 |
| 3 bedrooms | $410,000 |
Demographics
| Current Population (2025) | 15,300 |
| Previous Population (2020) | 14,800 |
| 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
The real estate market in Mitchell, Manitoba is currently experiencing a period of steady growth. The median house price stands at $485,000, which marks a 2.8% year-over-year increase. This suggests a healthy demand for housing in the area, supported by the moderate price trend. Similarly, apartments are also seeing growth with a median price of $295,000 and a 2.5% year-over-year increase. These trends indicate a balanced market that is growing at a sustainable pace.
Mitchell’s population has experienced significant growth, with an increase of 3.4%. This demographic trend often correlates with increased demand for housing, both for ownership and rental purposes, thereby supporting the current positive momentum in the local real estate market.
Investment Opportunities and Potential
Investors looking into the Mitchell real estate market may find attractive opportunities given the steady growth in property values. Housing investments appear to be promising due to the consistent uptick in median house prices. Furthermore, the robust population growth implies an ongoing demand for residential properties, which could result in favorable rental yields for income-seeking investors.
Apartments present a somewhat less expensive entry point into the market but still show potential for appreciation and rental income, as indicated by their 2.5% price increase. Investors should consider these trends when evaluating potential real estate ventures in Mitchell.
Future Market Outlook
The future outlook for Mitchell’s real estate market remains optimistic based on current indicators. The steady incline in housing prices coupled with substantial population growth suggests that demand will continue to rise. If economic conditions remain stable and supportive of growth, both the residential housing and apartment sectors are likely to maintain their upward trajectory.
However, it is essential for investors and homebuyers to monitor local economic developments, interest rates, and potential changes in government policies affecting real estate to ensure that their investment decisions are well-informed and timely.
