Sprucefield, Alberta 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 (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 Sprucefield, Alberta
Sprucefield, Alberta, is currently experiencing a stable real estate market with moderate growth. The median house price in the area stands at $500,000, reflecting a year-over-year increase of 3.5%. This consistent uptick suggests a healthy demand for single-family homes and a competitive market environment. Comparatively, the median apartment price is set at $300,000, with a slightly lower appreciation rate of 2.1% over the past year.
The population of Sprucefield has seen a significant boost with a growth of 7.1%, indicating an influx of new residents and potential homebuyers. This demographic expansion is likely contributing to the sustained demand for housing, influencing both pricing and the pace of real estate transactions in the community.
Investment Opportunities and Potential
Investment opportunities in Sprucefield are promising due to the steady growth in property values. The current trends suggest that investing in residential properties could yield favorable returns, particularly in the single-family home sector where prices are rising at an encouraging pace. Apartments offer a slightly more affordable entry point into the market and are also appreciating, albeit at a slower rate.
Investors should note that the robust population increase not only underpins home value appreciation but also suggests potential for rental demand. Therefore, purchasing rental properties could be an attractive strategy to capitalize on both long-term equity gains and immediate cash flow from tenants.
Future Market Outlook
The future market outlook for Sprucefield remains optimistic, buoyed by its growing population and steady economic indicators. Assuming current trends persist, property values are expected to continue their upward trajectory. However, potential investors and homebuyers should monitor local economic developments and interest rate changes closely as these factors can significantly influence market dynamics.
With Sprucefield’s population on the rise and housing trends showing sustained growth without signs of overheating, the medium to long-term outlook for both house and apartment markets appears favorable for ongoing investment.
