Norbuck, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.3% |
| Stock on market | 0.9% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.0% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $425,000 |
| 3 bedrooms | $495,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $345,000 |
| 3 bedrooms | $460,000 |
Demographics
| Current Population (2025) | 15,500 |
| Previous Population (2020) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,100 |
| Occupied Private Dwellings | 5,600 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends in Norbuck, Alberta
In Norbuck, Alberta, the real estate market is exhibiting steady growth. The median house price currently stands at $495,000, marking a year-over-year increase of 3.3%. This growth trend indicates a healthy demand for housing in the area. Similarly, apartments are not far behind in terms of appreciation with the median apartment price reaching $295,000 and experiencing a year-over-year rise of 2%. These statistics suggest a balanced market where both segments of housing are enjoying gradual appreciation.
The population of Norbuck has also seen considerable growth, with an increase of 3.3%, now totaling 15,500 residents. This growth rate may be contributing to the increased housing demand, and thus, affecting the overall real estate prices positively.
Investment Opportunities and Potential in Norbuck
The consistent rise in property values coupled with the population increase positions Norbuck as an attractive location for real estate investment. With single-family homes leading the charge in terms of price growth, investors can expect a favourable long-term capital gain on these properties. Furthermore, the steady performance of the apartment sector offers opportunities for investors looking to cater to different market segments such as young professionals or small families who may prefer the affordability and convenience of apartment living.
The current trends also hint at potential development opportunities within the housing market to accommodate the growing population. Investors and developers could explore expanding residential offerings or even consider mixed-use developments to meet both residential and commercial needs driven by demographic expansion.
Future Market Outlook for Norbuck
Looking ahead, Norbuck’s real estate market appears poised for continued growth. The ongoing population expansion suggests sustained demand for housing across various types and price points. Should this demographic trend persist, it is reasonable to predict further appreciation in property values over the medium to long term.
Moreover, with economic stability and potential infrastructure developments that often follow population increases, there is an optimistic outlook for investment returns in Norbuck’s market. Investors should monitor indicators such as job growth, economic diversification efforts by local government, and interest rates as they can influence future real estate dynamics significantly.
In summary, Norbuck’s real estate market presents a promising landscape for both current homeowners and prospective investors due to its stable growth patterns and positive demographic trends.
