Smith, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.2% |
| Stock on market | 0.8% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.7% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $425,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $590,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $420,000 |
Demographics
| Current Population (2024) | 15,500 |
| Previous Population (2019) | 15,000 |
| Population Change | 3.3% |
| 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
The real estate market in Smith, Alberta is currently experiencing a period of steady growth. With a median house price at $485,000, the year-over-year price trend shows an increase of 4.2%. This indicates a healthy demand for single-family homes in the area. Similarly, the median apartment price stands at $295,000, which has risen by 2.5% from the previous year. This moderate growth can be attributed to the consistent demand for more affordable and smaller-scale housing options.
The population of Smith is approximately 15,500, and it is witnessing an upward trend with a growth rate of 3.3%. This demographic expansion is contributing to a strong local economy and increased housing demand. The current market conditions are characterized by competitive sales activity and a stable inventory of properties that cater to various segments of buyers.
Investment Opportunities and Potential
The positive trajectory of property values in Smith presents lucrative opportunities for real estate investors. The steady appreciation in house prices suggests that purchasing residential properties could yield significant returns over time. Investment in single-family homes appears particularly promising due to their higher rate of appreciation at 4.2% year-over-year.
Apartments also offer a sound investment opportunity with their price trend showing a steady increase. Investors looking for a lower entry point into the real estate market might consider apartments due to their more modest median price point and consistent demand among young professionals and smaller households.
The ongoing population growth further enhances the potential for rental investments as newcomers seek accommodations, potentially leading to low vacancy rates and stable rental income streams. Moreover, new infrastructure developments or community projects could also spur future property value increases.
Future Market Outlook
The future outlook for Smith’s real estate market remains optimistic given the current trends and demographic indicators. Assuming that the local economy continues its positive momentum, one can expect sustained growth in property values coupled with robust investment opportunities.
The population increase is likely to continue driving housing demand, securing Smith’s position as an attractive location for both living and investing. However, potential investors should keep an eye on economic factors such as employment rates, interest rates, and regional developments that may influence market dynamics.
In conclusion, based on present data trends and economic indicators, Smith’s real estate market demonstrates substantial potential for both homeownership and investment activities with expectations of continued growth in the foreseeable future.
