Perryvale, 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 (2024) | 15,000 |
| Previous Population (2019) | 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 Perryvale, Alberta
In Perryvale, Alberta, the real estate market is currently showing steady growth. The median house price in the area stands at $500,000, which reflects a year-over-year increase of 3.5%. This increment signals a healthy demand for single-family homes and indicates that the market is on an upward trajectory. On the other hand, apartments in Perryvale are slightly more affordable with a median price of $300,000, having experienced a more modest year-over-year price trend of 2.1%. The growth in apartment prices suggests that there is a consistent demand for more affordable housing options within the region.
The population of Perryvale has grown by 7.1%, suggesting robust demographic expansion which often correlates with increased housing demand. This growing population is likely contributing to the sustained appreciation in property values as new residents seek accommodation in the town.
Investment Opportunities and Potential in Perryvale
The current trends present several investment opportunities within Perryvale’s real estate market. The steady rise in house prices may attract investors looking for properties that have potential for capital gains. Single-family homes, being at the heart of this appreciation trend, could be particularly attractive as long-term investments.
Apartments represent an alternative investment opportunity due to their lower entry price point and stable growth rate. They can appeal to investors who are interested in rental income streams and catering to professionals or small families who may prefer or require more affordable housing options.
Given the population growth rate of 7.1%, new housing developments and infrastructure may also present investment opportunities as there will be an ongoing need for residential accommodations to match the increasing number of residents.
Future Market Outlook for Perryvale
Looking ahead, the future real estate market outlook for Perryvale remains optimistic. Population growth tends to drive housing demand, and if the current growth rate persists, it is likely that both house and apartment prices will continue to rise steadily. Should local economic conditions remain favorable and employment opportunities grow alongside population figures, Perryvale could see a sustained or possibly even accelerated pace in its real estate market growth.
Investors should monitor factors such as interest rates, economic policies affecting home ownership affordability, and any significant changes in local industry or employment levels which could influence future market conditions. However, based on the current data, Perryvale’s real estate market appears poised for continued growth with attractive prospects for both homeowners and investors alike.
