Springfield, Manitoba Real Estate Market Data
Updated: Nov 2024
House
Median price | $485,000 |
Monthly growth | 1.3% |
Quarterly trend | 4.2% |
Stock on market | 0.7% |
Apartment
Median price | $295,000 |
Monthly growth | 0.8% |
Quarterly trend | 2.5% |
Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
Bedrooms | Median Price |
---|---|
2 bedrooms | $420,000 |
3 bedrooms | $485,000 |
4 bedrooms | $575,000 |
Apartments
Bedrooms | Median Price |
---|---|
1 bedrooms | $240,000 |
2 bedrooms | $350,000 |
3 bedrooms | $425,000 |
Demographics
Current Population (2025) | 15,200 |
Previous Population (2020) | 14,500 |
Population Change | 4.8% |
Total Private Dwellings | 6,100 |
Occupied Private Dwellings | 5,700 |
Population Density (per km²) | 1.6 |
Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
In Springfield, Manitoba, the real estate market exhibits a steady growth trend with the median house price currently standing at $485,000, which marks a 4.2% year-over-year increase. This indicates a healthy demand for housing in the area. Similarly, the median apartment price has seen a rise to $295,000, with a more modest growth of 2.5% year-over-year. The population of Springfield is on an upward trajectory as well, currently at 15,200 residents and experiencing a notable growth rate of 4.8%. This population increase is likely contributing to the sustained demand for housing in the region.
Investment Opportunities and Potential
The positive trends in Springfield’s real estate market suggest fruitful investment opportunities. The consistent increase in both house and apartment prices points towards a stable investment climate for potential buyers. With houses appreciating at a higher rate than apartments, investing in residential properties could yield significant returns. The robust population growth further enhances the potential for rental investments as more people may be looking for homes to rent in the short to medium term. Investors should consider tapping into development projects or purchasing properties to cater to this growing demographic.
Future Market Outlook
The future outlook of Springfield’s real estate market appears promising due to several key factors. Firstly, the ongoing population growth suggests that demand for housing is likely to remain strong. Additionally, the steady appreciation in property values provides an optimistic projection for continued investment returns over time. However, potential investors should also remain cognizant of broader economic conditions and local developments that could impact market dynamics. Stakeholders are encouraged to keep abreast of zoning laws changes, infrastructure projects, or shifts in employment rates within Springfield that could influence future market performance.