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
In Narol, Manitoba, the real estate market is currently experiencing a stable growth pattern. With a median house price of $500,000 and an upward trend of 3.5% year-over-year, the residential property market demonstrates resilience and a steady demand for single-family homes. Similarly, the apartment sector is also showing positive momentum with a median price of $300,000 and a 2.1% increase year-over-year. This growth can be attributed to Narol’s increasing population, which has recently expanded by 7.1%. The influx of new residents is likely contributing to the heightened demand for housing and supporting the appreciation in property values.
Investment Opportunities and Potential
The investment landscape in Narol presents promising opportunities, particularly in residential real estate. Given the consistent rise in home values and a significant population growth rate, investors stand to benefit from both capital gains and potential rental income streams. Single-family homes represent a robust investment avenue due to their higher year-over-year price increase compared to apartments. Nonetheless, apartments should not be overlooked as they offer entry points for investors with different budget ranges and may cater to new residents looking for more affordable or smaller-scale housing options.
Future Market Outlook
Looking ahead, the real estate market in Narol appears poised for continued growth. The sustained population increase suggests ongoing demand for housing which should maintain upward pressure on property prices. If current trends persist, we can anticipate further moderate growth in both house and apartment prices. Moreover, if local economic conditions remain favorable and supportive infrastructure developments ensue, Narol’s real estate market may experience even greater dynamism and attract additional investment. As such, prospective investors and homeowners are advised to monitor the region’s economic indicators closely alongside any policy changes that might affect the housing market.
