Orion, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $515,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.0% |
| Stock on market | 0.7% |
Apartment
| Median price | $315,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $425,000 |
| 3 bedrooms | $515,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $460,000 |
Demographics
| Current Population (2025) | 15,500 |
| Previous Population (2020) | 15,000 |
| Population Change | 3.3% |
| 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 in Orion, Alberta
The real estate market in Orion, Alberta, is characterized by steady growth, as indicated by a year-over-year increase in property values. The median house price currently stands at $515,000, reflecting a 4% growth from the previous year. This consistent upturn suggests a healthy demand for single-family homes in the area. Meanwhile, apartments are experiencing a slightly more modest appreciation with the median price at $315,000, up 2.5% from last year.
The population of Orion has also been on the rise, with a notable growth rate of 3.3%. This demographic trend is further fueling demand for housing in the region and can be seen as a driver behind the positive price trends observed in both housing sectors.
Investment Opportunities and Potential in Orion, Alberta
Considering the ongoing population growth coupled with rising property values, Orion presents several promising opportunities for real estate investors. Single-family homes are especially attractive due to their higher appreciation rate. The 4% increase in median house prices indicates robust investment potential for those looking to engage in residential real estate.
Apartments also offer investment viability with a steady 2.5% annual price increment. These properties serve as an accessible entry point for investors due to their lower median price compared to houses and may appeal particularly to those interested in catering to individuals or small families who are part of the growing workforce.
Future Market Outlook for Orion, Alberta
The future market outlook for Orion appears optimistic. With an ongoing upward trajectory in property prices and a solid population growth rate, it’s reasonable to anticipate continued demand for housing which could sustain or potentially increase current appreciation rates.
Should these trends persist—supported by economic stability and potential inward investment into local industries—the real estate market in Orion is poised for ongoing growth. Consequently, this could present extended opportunities for investors looking at both short-term gains through property flipping and long-term wealth accumulation through rental income and capital appreciation.
However, as with any investment scenario, it is crucial for stakeholders to monitor the market dynamics closely as external factors such as economic policies, interest rates changes, and unforeseen global events can impact local real estate markets significantly.
