Norfolk, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $490,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.8% |
| Stock on market | 0.8% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.7% |
| Quarterly trend | 1.8% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $490,000 |
| 4 bedrooms | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $425,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,000 |
| Population Change | 5.1% |
| Total Private Dwellings | 6,200 |
| 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 experiencing stable growth. The median house price sits at $490,000, which represents a 2.8% year-over-year increase. This indicates a consistent upward trend in property values, reflective of a healthy market. Similarly, the market for apartments shows a positive trajectory with the median apartment price at $295,000, marking a 1.8% year-over-year uptick.
Norfolk’s population has risen to 15,200 residents, growing at a rate of 5.14%. This population growth is above average and suggests an increasing demand for housing. The influx of new residents may lead to a tighter housing market if supply doesn’t keep pace with demand.
Investment Opportunities and Potential
The steady rise in property values coupled with robust population growth positions Norfolk as an attractive location for real estate investment. The current trends indicate that investing in both residential houses and apartments could yield positive returns due to the ongoing appreciation of real estate assets.
In particular, the lower median price point for apartments suggests an accessible entry for investors looking to capitalize on rental markets driven by the increasing population. Furthermore, Norfolk’s economic indicators suggest that there may be opportunities for development projects to meet the growing housing demand.
Future Market Outlook
Looking ahead, Norfolk’s real estate market demonstrates strong potential for sustained growth. The consistent increase in property values reflects a stable environment that is likely to continue attracting investors and homeowners alike. As long as the population continues to grow at its current pace or higher, housing demand should remain robust.
If local economic conditions remain favorable and infrastructure development keeps pace with the demographic expansion, Norfolk’s real estate market can expect continued appreciation in property values. However, prospective investors and stakeholders should monitor key factors such as interest rates, employment rates, and regional economic policies that could impact future market dynamics.
