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 stable growth environment. The median house price stands at CAD $500,000, reflecting a year-over-year increase of 3.5%. This suggests a steady upward trend in property values, which is indicative of a robust market with healthy demand. Similarly, the median apartment price has seen a more modest growth rate of 2.1% over the past year, reaching CAD $300,000.
The population of Steveville has experienced significant growth with an increase of 7.1%, suggesting an influx of new residents and potential for sustained demand in the housing market. This demographic shift is likely contributing to the steady appreciation of property values across the board.
Investment Opportunities and Potential
Given the consistent growth in property values and population expansion, Steveville offers promising investment opportunities for both residential and rental markets. The single-family home sector is particularly appealing with its 3.5% annual appreciation rate, suggesting a reliable return on investment for those looking to purchase property to rent or sell in the future.
Apartments, with their 2.1% appreciation rate, also present an attractive option for investors targeting the more affordable segment of the market or looking to cater to individuals who prefer lower-maintenance living spaces. The growing population implies that rental demand is likely to increase, which could result in higher rental yields over time.
Future Market Outlook
The future of Steveville’s real estate market appears optimistic based on current trends and demographic data. If the population continues to grow at the current rate of 7.1%, demand for housing will likely remain strong, supporting further property value appreciation. However, it is important for investors and homebuyers to stay informed about local economic developments and potential shifts in housing supply that may affect future market conditions.
Continued investment in local infrastructure and amenities by city planners could further enhance Steveville’s attractiveness as a place to live and invest in. All these factors combined suggest that Steveville’s real estate market has solid foundations for continued growth and remains an enticing prospect for both first-time buyers and seasoned investors alike.
