Steveville, 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
The real estate market in Steveville, Alberta currently presents a relatively steady growth pattern. The median house price stands at $500,000, with a year-over-year increase of 3.5%. This indicates a healthy demand for single-family homes in the area. Similarly, the median apartment price is set at $300,000, experiencing a slower yet positive growth trend of 2.1% year-over-year. This slower rate could suggest a more balanced market for apartments or potentially an increase in supply.
The population of Steveville has reached 15,000 residents and is on the rise with a significant growth rate of 7.1%. This demographic expansion is likely contributing to the demand in the housing market and driving the steady appreciation in property values.
Investment Opportunities and Potential
The consistent growth in property values combined with the robust population increase signals strong investment opportunities in Steveville’s real estate market. Investors looking to capitalize on equity growth may find single-family homes particularly attractive given their higher appreciation rate of 3.5%. Apartments offer a less aggressive but still positive growth opportunity, which might be suitable for investors seeking more affordable entry points into the market or those looking to diversify their investment portfolios across multiple units.
Given that Steveville’s population is expanding rapidly, there is potential for both rental and resale markets. Investors would be wise to consider areas where new developments are taking place or where infrastructure improvements are planned, as these locations typically see accelerated property value increases.
Future Market Outlook
The future outlook for Steveville’s real estate market remains optimistic. Assuming current trends continue, we can expect ongoing gradual appreciation in both house and apartment prices. The substantial population growth suggests sustained demand for housing, which should support both the rental and sales markets moving forward.
However, investors should remain vigilant about external economic factors such as interest rates, employment rates in the region, and broader provincial economic health that could affect consumer confidence and purchasing power. It is also important to monitor any changes in local government policies regarding development and land use that could impact future supply levels and thus property values.
All things considered, with careful market analysis and due diligence, Steveville represents an appealing market with potential for solid returns on real estate investments.
