Norfolk, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| Stock on market | 0.7% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $335,000 |
| 3 bedrooms | $425,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,500 |
| Population Change | 4.8% |
| Total Private Dwellings | 6,100 |
| 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 Norfolk, Alberta is currently exhibiting a stable growth pattern. The median house price stands at $485,000, which reflects a year-over-year increase of 3.2%. This consistent rise suggests a healthy demand for single-family homes. Meanwhile, the median apartment price has reached $295,000, with a lower yet steady year-over-year growth of 2.5%. These statistics point towards a balanced market that is expanding moderately.
The population of Norfolk has seen significant growth, with an increase of 4.8%, indicating a thriving community that may continue to drive housing demands upward. This demographic trend can contribute to sustained long-term growth within the housing market.
Investment Opportunities and Potential
Investors considering Norfolk will find opportunities primarily in the residential sector. The ongoing population growth paired with steady appreciation rates for houses and apartments highlights the potential for solid returns on investment. With house prices growing at a slightly faster rate than apartments, investment in single-family homes could yield higher capital gains in the long term.
However, the relatively more affordable apartment market presents an attractive entry point for investors looking to cater to individuals and smaller families, who might prefer renting or purchasing apartments due to budget constraints or lifestyle choices.
Future Market Outlook
The future outlook for Norfolk’s real estate market remains optimistic. Assuming current trends persist, investors and homeowners can anticipate continued but moderate price appreciation and steady demand. The robust population growth serves as a foundational driver for this positive forecast, suggesting an ongoing influx of residents seeking housing.
While external economic factors such as interest rates and employment levels will influence market dynamics, Norfolk’s current trajectory indicates a resilient market capable of offering both stability and opportunity for those looking to invest in or purchase property in the region.
