Penhold, Alberta 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
The real estate market in Penhold, Alberta, currently presents a stable environment with a modest growth trend. The median house price stands at $500,000, reflecting a year-over-year increase of 3.5%. This steady appreciation indicates a healthy demand for housing in the area, likely driven by Penhold’s amenities and quality of life.
Similarly, the median apartment price is at $300,000, with a slightly lower year-over-year growth rate of 2.1%. This difference in growth rates between houses and apartments may suggest that single-family homes are in higher demand relative to apartments or that there is a preference for more spacious living accommodations among the residents of Penhold.
With a population of 15,000 and a robust population growth rate of 7.1%, it is clear that Penhold is on an upward trajectory, which can contribute to sustained demand for housing in both the short and medium-term.
Investment Opportunities and Potential
The current market conditions suggest that investment opportunities in Penhold are promising. The continual rise in property values indicates that early investments could yield favorable returns as the market matures. Single-family homes represent a particularly appealing investment opportunity given their higher growth rate.
Investors should also consider the implications of the significant population growth. As new residents move into the area, demand for rental properties could increase, which presents a potential income stream for those looking to invest in rental real estate. Furthermore, with local infrastructure likely to expand due to population increases, areas poised for development may offer lucrative opportunities for land acquisition and new construction projects.
Future Market Outlook
The future outlook for the Penhold real estate market is optimistic. The consistent increase in property values across all types of residential real estate suggests that the market has underlying strength and resilience. Additionally, the substantial population growth not only provides immediate demand but also lays the groundwork for long-term sustainability as new families settle and contribute to the local economy.
The forecasted continuation of these trends would mean that both homeowners looking to sell and investors seeking capital gains could benefit from entering the market now. However, it is essential to monitor economic factors such as employment rates, interest rates, and regional economic policies that could impact market dynamics moving forward.