Narol, 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
The real estate market in Narol, Manitoba is currently experiencing steady growth. The median house price stands at $500,000, with a positive year-over-year increase of 3.5%. This indicates a healthy demand for housing in the area, reflecting consumer confidence and a robust local economy. The market for apartments is also on the rise, albeit at a slightly slower pace, with the median apartment price reaching $300,000 and observing a year-over-year trend increase of 2.1%.
Narol’s population has witnessed significant growth at a rate of 7.1%, suggesting an influx of new residents and potential homebuyers. This population growth is likely contributing to the increased demand for housing and can be seen as a driving factor behind the appreciating property values.
Investment Opportunities and Potential
Given the current market conditions, Narol presents attractive investment opportunities. The steady increase in property values coupled with the robust population growth suggests that there is potential for both short-term gains through property flipping and long-term gains through rental income and capital appreciation.
Investors considering entry into Narol’s real estate market may find particular potential in single-family homes, which are currently leading the market trends. Furthermore, the slower but positive growth in apartment prices may offer opportunities for investors looking to cater to individuals or small families seeking more affordable housing options.
Future Market Outlook
The future market outlook for Narol appears promising. If current trends continue, investors and homeowners can expect continued appreciation in property values. The ongoing population growth should maintain demand for housing, potentially leading to further increases in median house and apartment prices.
In addition to demographic factors, economic indicators such as employment rates, infrastructure developments, and interest rates will play crucial roles in shaping the market’s trajectory. Prospective investors are advised to monitor these factors closely when making decisions about entering or exiting Narol’s real estate market.
