Prentiss, 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 Prentiss, Alberta has shown a steady increase in property values over the past year. The median house price currently stands at $500,000, with a year-over-year growth of 3.5%. This reflects a healthy demand for single-family homes in the area. Similarly, the apartment sector is also experiencing growth, with the median apartment price at $300,000 and an annual appreciation rate of 2.1%.
The population of Prentiss has seen significant growth, currently boasting a figure of 15,000 residents, which is a substantial increase of 7.1%. This growth is indicative of an influx of new residents seeking housing, potentially due to employment opportunities or the attractive lifestyle that Prentiss offers.
Investment Opportunities and Potential
In light of the upward trends in both housing prices and population, Prentiss presents viable investment opportunities. The consistent rise in property values suggests that purchasing residential real estate could yield profitable returns through capital gains over time. Moreover, the population surge implies a growing rental market, offering investors potential for steady cash flow from rental income.
New developments and infrastructure projects may further bolster property values and attract more homebuyers and renters to Prentiss. Investors should monitor zoning changes and upcoming construction plans as these can significantly affect local real estate markets.
Future Market Outlook
The future real estate market outlook for Prentiss appears optimistic. Given the robust population growth coupled with sustained increases in property values, it is likely that demand for housing will continue to rise. Assuming no major economic disruptions occur, this could lead to further appreciation of home prices.
Investors and potential homebuyers should remain cognizant of national economic factors such as interest rate changes and employment rates as they can influence mortgage affordability and thus impact the real estate market.
In conclusion, based on current trends and statistics, Prentiss’s real estate market seems poised for ongoing growth. Stakeholders are encouraged to conduct thorough due diligence and keep abreast of local developments to make informed decisions in this dynamic market.