Suffield, 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 Suffield, Alberta is currently experiencing steady growth. The median house price stands at $500,000, with a year-over-year increase of 3.5%. This indicates a healthy appreciation in property values which could be attributed to strong local economic factors and housing demand. Similarly, the median apartment price has shown growth, albeit at a slower rate, at $300,000 with a 2.1% increase year-over-year.
The population of Suffield has been on the rise with a significant growth rate of 7.1%, suggesting an influx of residents that may be driving the housing demand. This demographic change could potentially lead to increased competition for available homes, possibly pushing prices up further in the short to mid-term.
Investment Opportunities and Potential
Suffield’s growing market presents numerous opportunities for real estate investment. The consistent appreciation in house and apartment prices points towards a stable investment climate. For investors looking for long-term capital gains, purchasing residential properties could be lucrative given the positive trend in property values.
Moreover, the substantial population growth suggests that rental properties may also be an attractive investment option. As new residents look for housing, rental demand is likely to rise, which could drive up rental yields for investors.
For developers and builders, the growing population coupled with an upward trend in home prices may signal an opportunity to address potential housing shortages through new construction projects.
Future Market Outlook
The future outlook of Suffield’s real estate market appears optimistic. If the current trends continue, we anticipate further gradual increases in property values driven by sustained population growth and economic stability. However, it’s essential to monitor local economic developments and any changes in migration patterns as they will directly influence market dynamics.
Potential investors are advised to keep an eye on government policies regarding infrastructure development and housing incentives as these can significantly impact future market conditions.
In conclusion, based on current data and trends, Suffield’s real estate market offers promising prospects for both homeowners and investors alike.
