Sparwood, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $525,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.2% |
| Stock on market | 0.7% |
Apartment
| Median price | $310,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 2.8% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $450,000 |
| 3 bedrooms | $525,000 |
| 4 bedrooms | $650,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $460,000 |
Demographics
| Current Population (2024) | 15,200 |
| Previous Population (2019) | 15,000 |
| Population Change | 1.3% |
| 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 Sparwood, British Columbia, is currently experiencing steady growth. With a median house price of $525,000 and a year-over-year increase of 4.2%, the market is showing resilience in the face of broader economic conditions. Similarly, the apartment sector has seen a rise with the median price at $310,000 and growing at a slightly slower pace of 2.8% compared to the previous year.
This points towards a balanced market where both segments are attracting interest, though houses seem to be commanding more significant appreciation. This growth can be partially attributed to Sparwood’s population, which stands at 15,200 and has seen a healthy growth rate of 1.33%. The increase in residents may be driving demand for housing, contributing to the positive price trends observed.
Investment Opportunities and Potential
Investors looking into Sparwood’s real estate market will find opportunities primarily in residential properties. Given the consistent upward trend in house prices and moderate yet positive growth in apartment prices, long-term investment could yield substantial returns. The town’s population growth suggests that rental properties might also be a viable option as more people look for homes amidst limited supply.
Furthermore, the difference in appreciation rates between houses and apartments indicates that single-family homes could offer better capital gains potential in the current market. However, apartments might appeal to investors seeking lower entry points into the market or catering to individuals or smaller households who prefer compact living spaces.
Future Market Outlook
The outlook for Sparwood’s real estate market remains optimistic. As population growth continues to exert upward pressure on housing demand, it is reasonable to forecast that both house and apartment prices may maintain their upward trajectory. This is particularly true if the local economy remains stable or improves, further bolstering consumer confidence and purchasing power.
However, investors should monitor external factors such as interest rates, employment rates, and regional economic developments that could affect market dynamics. Keeping abreast of such changes will be crucial in making informed decisions about entering or exiting Sparwood’s real estate market.
