Somerset, Manitoba Real Estate Market Data
Updated: Nov 2024
House
| Median price | $490,000 |
| Monthly growth | 1.3% |
| Quarterly trend | 3.8% |
| Stock on market | 0.7% |
Apartment
| Median price | $295,000 |
| 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 | $490,000 |
| 4 bedrooms | $590,000 |
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) | 14,800 |
| Population Change | 2.7% |
| 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 Somerset, Manitoba is currently experiencing steady growth. With a median house price of $490,000, the town has seen an increase of 3.8% year-over-year, indicating sustained demand for residential properties. Similarly, the median apartment price is at $295,000, which has also seen a positive trend with a 2.5% year-over-year increase. These figures reflect a market that is becoming increasingly valuable over time.
The population of Somerset stands at 15,200 residents and has been growing at a rate of 2.7%. This growth suggests a rising demand for housing due to demographic pressures. The robust population increase can be attributed to a variety of factors, including the town’s economic opportunities and quality of life attracting new residents.
Investment Opportunities and Potential
Given the positive trends in both housing prices and population growth, Somerset presents attractive investment opportunities. Investors looking to capitalize on the rising property values may consider purchasing residential units for long-term capital appreciation or rental income. The steady increase in housing prices indicates that there is ongoing confidence in the market’s stability and potential for future growth.
Furthermore, with the population expanding at a healthy rate, there is potential for both rental and resale markets to flourish. This demographic trend suggests that there will be continued demand for housing options ranging from apartments for young professionals to larger homes suitable for families.
Future Market Outlook
The future market outlook for Somerset appears optimistic. Based on the current data trends and economic indicators, it is reasonable to expect that property values will continue to rise at a moderate pace. The persistent population growth should support this upward trajectory by maintaining or increasing demand for local real estate.
However, prospective investors and homeowners should remain aware of broader economic conditions that could impact interest rates, employment levels, and overall affordability – factors that are critical when considering long-term real estate investments. For now, with careful analysis and strategic planning, Somerset’s real estate market represents a promising opportunity for both investors and homebuyers alike.
