Morris, Manitoba 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 Morris, Manitoba
In Morris, Manitoba, the real estate market is experiencing steady growth. With a median house price of $500,000, the market has seen an increase of 3.5% year-over-year. This indicates a healthy demand for detached homes in the area, suggesting a stable investment environment for potential homeowners and investors alike.
The apartment sector shows a slightly lower growth rate with a median price of $300,000 and an annual appreciation trend of 2.1%. Despite the slower growth compared to houses, apartments remain an attractive option for individuals seeking more affordable entry points into the real estate market or downsizing opportunities.
Morris’s overall population has grown by 7.1%, which is a significant factor contributing to the upward pressure on housing demand. This demographic expansion may influence current market conditions by increasing competition for available properties and potentially leading to a seller’s market where demand outpaces supply.
Investment Opportunities and Potential in Morris, Manitoba
The current trends in Morris’s real estate market suggest several promising opportunities for investment. The consistent growth in house prices coupled with the ongoing population increase implies that there is potential for both capital gains and rental income for investors looking to purchase residential properties.
Given that both housing types (houses and apartments) are appreciating in value, albeit at different rates, investors have the flexibility to target various segments of the market depending on their investment strategy. Long-term investment in detached homes could be particularly rewarding given their higher annual appreciation rate.
Moreover, investors should note that as new residents continue to move into the area, driven by its population growth, demand for rental properties is likely to rise. This could provide an opportunity for investors to cater to individuals who are not yet ready or willing to purchase property but still require accommodation.
Future Market Outlook for Morris, Manitoba
The future real estate market outlook for Morris appears optimistic based on current indicators. The sustained population growth will likely continue acting as a catalyst for increased housing demand. If economic conditions remain favorable and interest rates are stable or improve, Morris could maintain its trajectory of moderate but steady property value appreciation.
The diversification of housing types offers resilience against market fluctuations. As such, while houses are currently the stronger performer in terms of price trends, apartments may offer stability due to their more accessible price points during any potential economic downturns.
Investors and homebuyers should keep an eye on local economic developments, infrastructure projects, and changes in consumer behaviour as these factors can significantly impact future property values. Nevertheless, considering the robust population growth rate and consistent property value increases, Morris’s real estate market holds substantial promise looking forward.
