Renoville, 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 Renoville, Alberta is currently experiencing steady growth. With a median house price of $500,000, the market has seen a year-over-year increase of 3.5%. This indicates a healthy demand for housing and a robust market that is potentially beneficial for both sellers and buyers. Meanwhile, apartments are more affordable with a median price of $300,000 and have experienced a moderate price trend increase of 2.1% year-over-year.
The population of Renoville stands at 15,000 and has witnessed significant growth at a rate of 7.1%. This demographic expansion suggests an increasing need for housing which could further drive the demand in the real estate market. The current trends point towards a competitive but stable market environment with growth opportunities for investors.
Investment Opportunities and Potential
Rising population figures alongside consistent increases in property values suggest that Renoville presents promising investment opportunities. The steady growth in house prices may offer long-term capital gains for investors looking to purchase residential properties. Additionally, the apartment sector with its lower entry price point and stable growth rate could appeal to first-time investors or those seeking to add more diversified assets to their portfolio.
Given the town’s population growth, there is potential for both rental and sales markets to expand. Investors might consider leveraging this demographic trend by targeting developments that cater to new residents, such as family-sized homes or apartments geared towards young professionals or smaller families.
Future Market Outlook
The forecast for Renoville’s real estate market remains optimistic given the current economic indicators and demographic trends. Assuming the continuation of population growth at its current pace, demand for housing is expected to remain strong which should support further property value appreciation. However, investors should monitor local economic drivers such as employment rates and infrastructure developments which can impact the real estate market’s trajectory.
With careful consideration of market cycles and regulatory changes that may affect property ownership and land use, stakeholders can make informed decisions regarding their investments in Renoville’s dynamic real estate landscape.
