Phoenix, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $525,000 |
| 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 | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $425,000 |
| 3 bedrooms | $525,000 |
| 4 bedrooms | $650,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $460,000 |
Demographics
| Current Population (2024) | 15,500 |
| Previous Population (2019) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,100 |
| 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 Phoenix, British Columbia, the real estate market demonstrates a steady growth pattern. The median house price in the region currently stands at $525,000, reflecting a year-over-year increase of 4%. This incremental rise suggests a stable market with consistent demand. Likewise, apartments are experiencing growth with the median price set at $315,000, which is up by 2.5% from the previous year.
The population of Phoenix has also seen a notable increase, now counting 15,500 residents representing a growth rate of 3.3%. This demographic expansion is indicative of an attractively evolving market that could potentially sustain further real estate development and investment.
Investment Opportunities and Potential
The real estate market in Phoenix offers promising investment opportunities. The steady appreciation in property values coupled with robust population growth positions the city as an attractive locale for both residential and rental investments. With house prices showing a moderate yet consistent upward trend, investors can anticipate potential capital gains in the medium to long term.
Apartments present an opportunity for those looking to enter the market at a lower price point or seeking rental income properties. Given the smaller increase in apartment prices compared to houses, there’s potential for investors to capitalize on a rising demand for more affordable housing options as the population continues to grow.
Future Market Outlook
The future outlook for Phoenix’s real estate market appears positive. Assuming the continuation of current trends—moderate price increases and stable population growth—the market is poised for ongoing expansion. The city’s ability to attract new residents may bolster demand for housing, potentially leading to tighter inventory levels and subsequent acceleration in property value growth.
Investors should keep an eye on factors such as local economic performance, interest rates, and regional development projects since these elements can influence the trajectory of both housing prices and population trends. However, based on existing data, Phoenix’s real estate market shows promise for sustained health and profitability.
