Russell, Manitoba 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
1. Current Market Conditions and Trends
The real estate market in Russell, Manitoba is currently experiencing a stable growth environment. The median house price stands at $500,000, with a year-over-year increase of 3.5%. This trend indicates a healthy demand for single-family homes, reflecting an active market that is attractive to both sellers and buyers. The apartment sector is also showing positive momentum, albeit at a slower pace, with the median apartment price recorded at $300,000 and an annual appreciation of 2.1%. This divergence in growth rates between houses and apartments may suggest a growing preference for more spacious living accommodations among residents.
2. Investment Opportunities and Potential
Given the population of Russell, which stands at 15,000 people and has seen a significant growth of 7.1%, there is substantial potential for investment in the housing market. The steady population increase could lead to higher demand for housing units, making investments in residential properties particularly enticing. Investors may find opportunities in developing new housing projects or renovating existing properties to cater to the expanding community. Additionally, the slower growth rate in apartment prices compared to houses presents an opportunity for investors to enter the market at a more accessible price point while anticipating future growth.
3. Future Market Outlook
The future outlook for Russell’s real estate market remains optimistic based on current trends and demographic indicators. Continued population growth is likely to sustain demand for housing in both the private home and apartment sectors. Assuming similar economic conditions persist, one can expect ongoing moderate appreciation in property values. This outlook suggests that Russell will continue to be an appealing market for both homebuyers and investors looking for stable long-term growth potential.
