Smith, Alberta 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 | $420,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $460,000 |
Demographics
| Current Population (2024) | 15,000 |
| Previous Population (2019) | 14,500 |
| Population Change | 3.5% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,500 |
| 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 moderate growth. The median house price stands at $500,000 with a year-over-year increase of 3.5%. This indicates a steady upward trend in housing values, which can be attributed to the region’s economic stability and appeal to potential homeowners. Meanwhile, the median apartment price has reached $300,000, with a slightly lower growth rate of 2.1% year-over-year. The difference in growth rates between houses and apartments may suggest that the demand for single-family homes is outpacing that of apartments.
Investment Opportunities and Potential
Investment opportunities in Smith are promising due to its growing population, which has recently risen by 3.45% to 15,000 residents. This population growth can lead to increased demand for housing, making real estate investments particularly interesting for both residential and rental markets. The steady growth in property values implies that investments made now could yield substantial returns as the market continues to strengthen. Furthermore, the higher appreciation rate of houses compared to apartments suggests that investing in single-family homes might offer better capital gains in the long term.
Future Market Outlook
Looking ahead, the future market outlook for Smith, Alberta remains optimistic. The consistent population growth coupled with economic expansion suggests that the demand for real estate will continue to rise. If current trends persist, we can expect both the median house and apartment prices to maintain their upward trajectory. Investors should monitor key factors such as employment rates, infrastructure development, and interest rates as they can significantly influence market dynamics. However, given the current data points and trends, Smith presents itself as a robust market with potential for continued real estate investment success.
