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 (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 in Sprucefield, Alberta
The real estate market in Sprucefield, Alberta is currently experiencing a phase of steady growth. The median house price in the area stands at $500,000, with a year-over-year increase of 3.5%. This indicates a healthy demand for single-family homes, which may be driven by factors such as the town’s lifestyle appeal or regional economic stability.
Apartments, on the other hand, present a more modest growth rate. The median apartment price is currently $300,000, reflecting a year-over-year rise of 2.1%. This suggests that while there is growth in this segment as well, it is not as pronounced as in the detached housing market. This could be indicative of a market where buyers prefer more spacious living options or where investors are driving up demand for single-family homes.
With a population of 15,000 that has grown by 7.1%, Sprucefield is evidently a community on the rise. Such demographic trends typically stimulate housing demand, suggesting that the current conditions may remain favourable for some time.
Investment Opportunities and Potential in Sprucefield
Sprucefield’s real estate market offers promising investment opportunities, particularly when considering the sustained population growth. Investors should find the increasing median house prices indicative of solid capital appreciation potential over the medium to long term. Single-family homes represent an attractive investment opportunity given their stronger price trend.
The apartment sector, despite its slower growth rate, should not be overlooked. The affordability of apartments relative to houses could attract first-time homebuyers or downsizers, ensuring steady demand. Furthermore, rental properties could benefit from population growth if incoming residents look for temporary housing solutions before purchasing homes.
Investors would also be wise to track developments that might impact future property values such as infrastructural projects or changes in local employment rates. Long-term investment strategies may pay off as the population expands and demand for housing diversifies.
Future Market Outlook for Sprucefield
The future market outlook for Sprucefield appears optimistic given current trends and demographic data. Continued population growth at a substantial rate of 7.1% will likely drive further housing demand. If economic conditions remain stable and job creation follows suit with population increases, the housing market should continue to see upward pressure on prices.
While single-family homes are currently experiencing higher price appreciation rates, we may expect this segment to consistently perform well in terms of both capital gains and rental income potential. The apartment market may catch up as new residents seek more affordable entry points into homeownership or require rental accommodations.
In summary, assuming no major economic disruptions occur, Sprucefield’s real estate market could maintain its positive trajectory with strong potential for investors who carefully consider local trends and plan for long-term developments.
