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 in Penhold, Alberta
In Penhold, Alberta, the real estate market is showing signs of steady growth. The median house price stands at $500,000, which reflects a year-over-year increase of 3.5%. This trend suggests a healthy demand for single-family homes in the area. Similarly, the market for apartments is also experiencing growth, though at a slightly slower pace; median apartment prices have risen to $300,000, marking a 2.1% increase from the previous year.
The population of Penhold has reached 15,000 residents and is continuing to grow rapidly with a rate of 7.1%. This robust population growth is fueling housing demand and can be attributed to several factors including economic opportunities in the region, the town’s appeal to families and professionals alike, and its proximity to larger urban centers like Red Deer.
Additionally, Penhold’s real estate market is benefiting from broader provincial trends. Alberta’s economy has been on an upswing as it recovers from past economic downturns, leading to increased consumer confidence and investment in housing.
Investment Opportunities and Potential in Penhold
Potential investors in Penhold’s real estate market can find promising opportunities given current trends. Single-family homes are particularly attractive due to their consistent appreciation as indicated by the 3.5% increase in median house prices. The steady growth in this sector implies that investment in residential properties could yield solid returns over time.
Apartments also present viable investment opportunities with a moderate appreciation rate of 2.1% year-over-year. Given the town’s growing population and the diversified economic base which attracts newcomers seeking employment or higher education opportunities nearby, rental properties might see increased demand leading to potential cash flow benefits for investors.
Moreover, with an expanding community and sustained population growth outstripping some supply aspects, there may be long-term potential for new development projects catering to various segments including affordable housing, luxury accommodations or mixed-use developments.
Future Market Outlook for Penhold
The future market outlook for Penhold appears optimistic based on current data and trends. Assuming that both the local economy and population continue to expand at their current rates or better, demand for housing in both the purchase and rental markets is likely to remain strong.
The consistent rise in property values across both houses and apartments indicates a stable market with room for growth. Investors can reasonably expect continued appreciation on property investments made today over the medium to long term.
However, it is crucial for stakeholders to monitor external factors such as interest rates, economic policies affecting Alberta’s key industries, and national housing policies which could influence buyer affordability and overall market conditions in Penhold.
In conclusion, with strategic planning and consideration of broader economic indicators alongside local trends, investors can approach the Penhold real estate market with a degree of confidence looking forward into the future.
