Renoville, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| Stock on market | 0.8% |
Apartment
| Median price | $310,000 |
| 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 | $495,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $460,000 |
Demographics
| Current Population (2024) | 15,500 |
| Previous Population (2019) | 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
1. Current Market Conditions and Trends
The real estate market in Renoville, Alberta currently showcases a steady growth pattern. With a median house price of $495,000, the market has experienced a 3.2% year-over-year increase, indicating sustained demand and a relatively healthy economy. Similarly, apartments have seen a more modest growth, with the median apartment price at $310,000 and a 2.5% year-over-year trend. These figures reflect consistent appreciation in property values across different housing types.
The population of Renoville stands at 15,500 residents, which has been growing at an impressive rate of 3.3%. This growth is likely contributing to the ongoing demand for housing in the area. Coupled with the increasing property values, these factors suggest that Renoville’s real estate market is currently robust and competitive.
2. Investment Opportunities and Potential
Rising property values indicate that Renoville presents potentially lucrative investment opportunities. Single-family homes, as well as apartments, are appreciating assets in this market, making them attractive options for both long-term investors and those looking to capitalize on rental income. The population growth rate surpassing 3% adds to the potential demand for rental properties as new residents seek accommodation.
In addition to residential properties, investors might consider exploring commercial real estate or land development projects due to the inflow of new residents and the subsequent need for services and amenities. As demand is expected to continue rising alongside population growth, strategic investments could yield significant returns.
3. Future Market Outlook
The future outlook for Renoville’s real estate market appears optimistic based on current trends and data. If the population continues to grow at or above the current rate of 3.3%, we can anticipate ongoing demand for housing which should keep pushing property values upward.
Inflationary pressures and economic factors such as interest rates will also play a role in shaping the market landscape; however, assuming no major economic disruptions occur, Renoville’s real estate is poised for continued growth. Investors and homeowners alike can view this market with cautious optimism given its recent performance and demographic trends.
In conclusion, while careful analysis of individual investment risk is always recommended, data indicates that Renoville represents an attractive market for both residential and commercial real estate ventures, with prospects for further expansion in the foreseeable future.
