Savanna, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $505,000 |
| Monthly growth | 1.3% |
| Quarterly trend | 4.0% |
| Stock on market | 0.8% |
Apartment
| Median price | $310,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $505,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $460,000 |
Demographics
| Current Population (2024) | 15,300 |
| Previous Population (2019) | 15,000 |
| Population Change | 2.0% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
In Savanna, Alberta, the real estate market is demonstrating steady growth, with median house prices currently standing at $505,000, a 4% increase year-over-year. This increment reflects a healthy demand in the housing sector. The median apartment price is also on the rise at $310,000, marking a 2.5% year-over-year increase. These appreciations in property values are moderate, indicating a stable and balanced real estate environment.
The area’s population has reached approximately 15,300 residents, with a growth rate of 2% which may be contributing to the sustained demand for housing. Contributing factors for this steady market condition could include local economic stability, employment opportunities, and an attractive quality of life that draws new residents to Savanna.
Investment Opportunities and Potential
With a consistent uptrend in home values and a growing population, Savanna offers promising investment opportunities. The current growth rates suggest that investments in both houses and apartments could yield favorable returns. Particularly for investors seeking long-term capital gains, the single-family home market presents potential due to its higher year-over-year price increase.
Apartments also signify a solid investment choice, especially for those looking to cater to smaller households or professionals who seek lower maintenance properties. The slightly lower appreciation rate of apartments compared to houses may attract buyers looking for more affordable entry points into the real estate market.
The ongoing population growth further supports the potential for rental property investments as newcomers will likely boost demand for rental accommodations before they transition into homeownership.
Future Market Outlook
The future outlook for Savanna’s real estate market remains positive. Assuming the continuation of current economic conditions and population trends, we can anticipate further gradual increases in property values. The area’s 2% population growth rate suggests that demand for housing will persist, providing continued support for both the rental and purchase markets.
Investors should monitor factors such as employment rates, infrastructure development projects, and migration patterns as these elements could significantly influence future market dynamics. Overall, if the region maintains its current trajectory of growth and stability, Savanna’s real estate market is positioned to remain an attractive area for both residential living and investment opportunities.
