Ranfurly, 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
The real estate market in Ranfurly, Alberta is currently experiencing a phase of moderate growth. With a median house price of $500,000 and an upward trend of 3.5% year-over-year, the market is showing healthy appreciation rates that are attractive to homeowners and investors alike. Similarly, the median apartment price stands at $300,000 with a steady increase of 2.1% year-over-year. This suggests a balanced market that is growing at a sustainable rate.
Ranfurly’s population has seen a significant boost with a growth rate of 7.1%, which is substantially higher than the national average. This influx of new residents is likely contributing to the demand for housing in the area and could be a driving force behind the consistent rise in property values.
Investment Opportunities and Potential
The current trends provide promising investment opportunities within Ranfurly’s real estate market. The consistent growth in house prices indicates that purchasing property could yield capital gains over time. Additionally, the increasing population suggests that rental properties may also be an attractive option for investors looking to generate passive income.
Given the stronger growth percentage in house prices compared to apartments, single-family homes may offer better long-term investment potential. However, apartments should not be overlooked as they can still provide stable returns, especially if targeted towards professionals or small families who are moving into the area.
Future Market Outlook
Looking ahead, the future market outlook for Ranfurly appears positive. If current trends continue and the area maintains its population growth rate, it is likely that demand for housing will remain high, supporting further appreciation in property values.
However, it is also important to consider external economic factors such as interest rates, employment rates in Alberta, and broader national economic health which can impact local real estate markets. Investors and homeowners should keep abreast of these wider trends as they can affect buyer affordability and influence market dynamics.
In conclusion, Ranfurly’s real estate market presents a favourable environment for both immediate investment and long-term growth potential. Continuous monitoring of market conditions and being responsive to shifts in economic indicators will be key for anyone looking to capitalize on this Alberta market.
