Redwater, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $475,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.2% |
| Stock on market | 0.9% |
Apartment
| Median price | $290,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $475,000 |
| 4 bedrooms | $575,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $430,000 |
Demographics
| Current Population (2025) | 15,500 |
| Previous Population (2020) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Redwater, Alberta is currently experiencing a period of steady growth. The median house price stands at $475,000, which represents a year-over-year increase of 4.2%. This positive trend suggests a healthy demand for single-family homes in the area, reflecting both local economic stability and an attractive living environment for residents.
In contrast, the apartment sector shows a more modest growth with the median apartment price at $290,000 and a year-over-year increase of 2.5%. This slower growth rate might indicate a greater supply or lesser demand for apartment living in Redwater, or it could be reflective of broader market trends favoring detached homes.
Investment Opportunities and Potential
With the observed steady growth in housing prices, Redwater presents several promising investment opportunities. The consistent appreciation in home values suggests that investments in residential properties may yield solid returns over time. The increasing population of 15,500, coupled with a significant population growth rate of 3.3%, also indicates potential for rental properties due to higher demand for housing as the community expands.
Investors might consider diversifying their portfolios by investing in both single-family homes and apartments to capitalize on different segments of the market. Furthermore, new developments and infrastructure projects driven by population growth could present additional opportunities for real estate investment in commercial and mixed-use properties.
Future Market Outlook
The future outlook for the Redwater real estate market remains optimistic based on current data trends. If the population continues to grow at its current pace of 3.3%, demand for housing is likely to sustain or even increase. This demographic trend should underpin the market’s stability and drive further investment into the area.
The consistent upward trend in property values is expected to continue barring any significant economic shifts. Investors and homebuyers can take confidence from these figures but should remain vigilant about factors such as interest rates, employment rates, and local economic policies that could potentially affect market conditions.
To sum up, Redwater’s real estate market holds substantial promise for investors and homebuyers alike. With smart planning and attentive monitoring of both local and national economic indicators, stakeholders can make informed decisions that leverage the town’s growing economy and expanding population.
