Redwater, 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 Redwater, Alberta is currently experiencing a period of steady growth. With a median house price of $500,000, the market has seen a year-over-year increase of 3.5%. This suggests a healthy demand for detached homes in the area. The median apartment price is set at $300,000, with a more modest growth trend of 2.1% over the past year.
The population of Redwater stands at 15,000 and has been growing at a rate of 7.1%. This significant population growth is indicative of an increasing demand for housing. The consistent rise in property values coupled with substantial population growth suggests that the market is robust with sustained interest from buyers.
Investment Opportunities and Potential
Given the solid growth trends in both the housing and apartment sectors, Redwater presents appealing opportunities for real estate investors. The steady increase in median property prices reflects a market that is appreciating at a sustainable rate, which can be attractive for long-term investment strategies.
The significant population increase also points towards potential rental market opportunities. Investors could benefit from purchasing properties to cater to the growing number of residents seeking rental accommodation. With the current trends, rental demand is likely to rise, potentially leading to higher rental yields for investors.
Future Market Outlook
The future market outlook for Redwater remains optimistic based on current data. Assuming that the local economy continues to support job creation and attract residents, the demand for housing should remain strong. If the current trends persist or improve, property values are likely to continue their upward trajectory.
However, potential investors should also consider economic factors such as interest rates and employment levels that could impact buyer affordability and influence market conditions. Keeping abreast of national and provincial economic policies will be crucial in forecasting any shifts in the real estate landscape.
In conclusion, Redwater’s real estate market shows positive indicators for both short-term stability and long-term growth potential. As always, investors should conduct thorough due diligence and consider engaging with local real estate professionals before making any investment decisions.