Russell, Manitoba Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| Stock on market | 0.7% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.0% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $385,000 |
| 3 bedrooms | $495,000 |
| 4 bedrooms | $610,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $440,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,000 |
| Population Change | 5.1% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,600 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
1. Current Market Conditions and Trends
In Russell, Manitoba, the real estate market is currently experiencing moderate growth. The median house price stands at $495,000, with a year-over-year increase of 3.2%. This indicates a steady market that is becoming increasingly attractive to homeowners due to its affordability compared to major urban centers.
The apartment sector is also showing positive growth, albeit at a slightly slower pace. The median apartment price is $295,000, which has risen by 2% over the past year. This growth in the apartment market suggests a demand for more affordable and smaller-scale housing options, possibly driven by first-time homebuyers or individuals looking to downsize.
Russell’s population has reached approximately 15,200 residents, with a significant population growth of 5.14%. This demographic expansion can be attributed to Russell’s appeal as a small but growing community with increasing economic opportunities and quality of life enhancements.
2. Investment Opportunities and Potential
There is substantial investment potential in Russell’s real estate market given the ongoing population growth and stable price increases. Investors might consider capitalizing on the growing demand for housing by investing in residential properties such as single-family homes or apartments.
The consistency in the housing market makes it an attractive option for long-term investment strategies. With the median house price appreciating steadily, investors may find good opportunities for capital gains over time. The apartment sector also presents a viable opportunity for those looking to tap into rental markets or for more affordable entry points into real estate investment.
3. Future Market Outlook
Looking towards the future, Russell’s real estate market appears poised for continued growth. The consistent upward trend in housing prices coupled with robust population growth suggests that demand for housing will remain strong.
If current trends persist, investors and homeowners can expect further appreciation in property values. However, it’s important to consider external factors such as economic stability, employment rates, and interest rates that could impact the overall market dynamics.
In summary, Russell offers promising prospects for both homebuyers looking for a stable and growing community and investors seeking opportunities in a gradually appreciating market.
