Rumsey, 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 Rumsey, Alberta is currently experiencing a period of steady growth. With a median house price of $500,000 and a year-over-year increase of 3.5%, the housing sector demonstrates resilience and a positive trajectory. Similarly, the median apartment price stands at $300,000 and has seen a more moderate appreciation of 2.1% over the past year.
The population of Rumsey has been growing at a robust rate of 7.1%, which is indicative of both the town’s increasing attractiveness to new residents and the potential for sustained demand in the housing market. This demographic trend is likely supporting the steady appreciation in property values and may continue to do so in the near term.
Investment Opportunities and Potential
The continuous population growth paired with consistent property value appreciation suggests that Rumsey holds promising investment opportunities, particularly in residential real estate. Investors might consider long-term investments in single-family homes, given the stronger growth rate in median house prices compared to apartments.
Additionally, with an expanding population base, there may also be opportunities in developing or investing in rental properties to cater to individuals or families looking for temporary accommodation while they explore permanent homeownership options in Rumsey.
Future Market Outlook
Looking ahead, the future market outlook for Rumsey appears optimistic. If current trends persist, investors can reasonably expect continued gradual growth in property values across both houses and apartments. The robust population increase supports predictions for sustained demand, potentially leading to a tightening market with upward pressure on prices over time.
However, as with any market forecast, it’s essential to remain aware of external factors such as economic shifts, changes in mortgage rates, and government housing policies that could influence market dynamics. Keeping abreast of these factors will be key for stakeholders making informed decisions about entering or exiting Rumsey’s real estate market.
