Strome, 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 Strome, Alberta, shows a pattern of steady growth. With a median house price currently at $500,000, the market has experienced a 3.5% year-over-year increase. This indicates healthy demand and a competitive market environment for single-family homes. For those interested in apartments, the median price stands at $300,000, with a slightly lower growth rate of 2.1% year-over-year. These trends suggest that Strome’s real estate is appreciating at a sustainable rate, making it an attractive location for both residents and investors.
Investment Opportunities and Potential
The ongoing population growth of 7.1% in Strome is indicative of the town’s expanding economic base and the potential for increased demand in housing. This demographic trend can create numerous investment opportunities, particularly in the residential sector. Investors might consider capitalizing on the growth by investing in properties that cater to the needs of the burgeoning population. With single-family homes appreciating more rapidly than apartments, investments in this segment could yield higher returns over time. Additionally, rental properties could benefit from the population increase as new residents may seek temporary accommodations before purchasing homes.
Future Market Outlook
The future outlook for Strome’s real estate market appears promising given the current trends and underlying economic factors. The consistent appreciation of home values coupled with strong population growth suggests that demand for housing will remain robust. Assuming that local employment opportunities continue to rise and interest rates remain favorable, we can anticipate continued growth in property values. However, investors should monitor economic indicators and stay informed about regional developments that could impact market dynamics.
