Savanna, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.0% |
| Stock on market | 0.8% |
Apartment
| Median price | $295,000 |
| Monthly growth | 1.0% |
| 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 | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $335,000 |
| 3 bedrooms | $425,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,000 |
| Population Change | 5.1% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends in Savanna, Alberta
In Savanna, Alberta, the real estate market is experiencing a steady increase in property values. The median house price currently stands at $495,000, reflecting a 4% year-over-year growth. This indicates a healthy demand for single-family homes in the region, likely driven by local economic factors and demographic trends. Similarly, the median apartment price has seen a rise to $295,000, marking a 2.5% increase over the previous year. This trend may be attributed to a combination of affordability concerns for first-time homebuyers and an increasing appetite for lower-maintenance living arrangements.
The population of Savanna has reached 15,200 residents, with a notable 5.14% growth rate. This expansion suggests that the town is attracting new residents at a significant pace, potentially due to employment opportunities, lifestyle factors, or its position as an emerging market within Alberta’s broader economic landscape.
Investment Opportunities and Potential
Given the positive trends in property value appreciation and population growth, Savanna presents appealing investment opportunities. For investors looking at long-term capital gains, single-family homes represent a solid choice as indicated by the robust 4% increase in median house prices. These properties are likely to benefit from the area’s continued population influx and subsequent housing demand.
Apartments also offer an attractive investment case with a steady 2.5% year-over-year price trend. Investors focusing on rental income may find these properties particularly appealing due to their lower entry cost and appeal among younger demographics and smaller households who may prefer renting over homeownership.
Future Market Outlook
The future of Savanna’s real estate market looks promising based on current indicators. Population growth remains strong and is expected to sustain housing demand across both house and apartment markets. While this trend continues, it will likely support further property value appreciation and maintain or even accelerate current price trends.
However, investors should remain cognizant of broader economic conditions that could affect local real estate markets, including interest rates changes, employment rates in key industries, and provincial or federal policy shifts that impact property ownership costs or incentives. As always with real estate investments, due diligence is recommended when assessing the potential risks against expected returns.
In summary, Savanna’s real estate market holds considerable appeal for both owner-occupiers and investors alike. With careful consideration of the local economic climate and ongoing monitoring of market conditions, stakeholders can make informed decisions that capitalize on Savanna’s growth trajectory.
