Somerset, Manitoba 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 | $425,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $590,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $440,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 14,000 |
| Population Change | 7.1% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,500 |
| Population Density (per km²) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends in Somerset, Manitoba
In Somerset, Manitoba, the real estate market is displaying a steady growth pattern. The median house price stands at $500,000, with a positive year-over-year increase of 3.5%. This suggests a healthy demand for single-family homes and an upward pressure on prices due to various factors including inflation, demand and possibly limited supply. Meanwhile, the apartment sector is experiencing a more modest growth rate with a median price point of $300,000 and a 2.1% year-over-year trend increase. The difference in growth rates between houses and apartments may indicate a stronger preference or need for larger living spaces among the residents of Somerset.
Investment Opportunities and Potential in Somerset
The investment landscape in Somerset demonstrates potential with both the housing and apartment markets showing consistent price appreciation. For investors looking at long-term capital gains, single-family homes could be particularly attractive given the higher growth rate. Rental properties also emerge as viable opportunities; as population increases, there’s likely to be sustained or increased demand for rental accommodations. With the current population at 15,000 and experiencing a robust growth of 7.1%, it is reasonable to anticipate that housing will continue to be in demand, potentially driving rental yields up.
Future Market Outlook for Somerset Real Estate
Looking ahead, the future market outlook for Somerset’s real estate appears promising. The strong population growth coupled with consistent property value appreciation suggests that demand will remain high. If this trend continues alongside economic stability and supportive local policies, investors and homeowners alike can reasonably expect continued growth in property values over the medium to long term. Monitoring employment rates, infrastructure developments, and interest rates will be crucial for those looking to enter the market or considering future investments.
As with any real estate market analysis, it should be noted that projections cannot account for unforeseen economic shifts or policy changes which may impact these trends.
