Sprague, 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 | $400,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $600,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $250,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2024) | 15,000 |
| Previous Population (2019) | 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
As of the latest data, the real estate market in Sprague, Manitoba exhibits a steady growth pattern. The median house price in this community stands at $500,000, with an appreciative trend of 3.5% year-over-year. This indicates a healthy demand for single-family homes, possibly driven by favorable local economic factors and buyer confidence.
In comparison, the median apartment price is currently pegged at $300,000, with a somewhat slower appreciation rate of 2.1% year-over-year. This difference in growth rates between houses and apartments may suggest a more significant demand for detached housing or potentially higher value attributed to such properties by the market.
Supporting these real estate trends is Sprague’s population of 15,000, which has experienced a robust growth rate of 7.1%. This demographic expansion is key to sustaining the housing market’s momentum as it correlates directly with increased housing demand.
Investment Opportunities and Potential
The current growth trajectory in Sprague presents numerous investment opportunities, particularly for those looking to enter the single-family home market. The consistent increase in median house prices suggests that investments in this segment could yield considerable returns over time.
Apartments, while showing a slower appreciation rate, are also a viable investment option especially for those aiming at entering the market at a lower price point or seeking rental income opportunities. The population increase implies a potential rise in rental demand which investors could capitalize on.
Given these statistics and growth rates, both segments—houses and apartments—offer promising potential for investors who can strategically leverage current trends for long-term benefits.
Future Market Outlook
The future outlook for Sprague’s real estate market remains positive based on observed trends and underlying demographics. If the population continues to grow at its current pace or higher, it can be expected that the demand for both houses and apartments will remain strong or even increase.
Assuming economic conditions remain stable or improve, and no significant policy changes negatively impact the housing sector, we can anticipate that the upward trend in property values will continue. Investors should monitor factors such as employment rates, infrastructure development, and interest rates as they can influence buyer sentiment and affordability—thereby impacting the future state of the real estate market in Sprague.
Careful consideration of local planning developments and future community enhancements would also be prudent as these could further enhance property values and investment potential in this Manitoba locale.
