Sundown, Manitoba 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 Sundown, Manitoba is currently experiencing a period of moderate growth. The median house price stands at $500,000, which marks a year-over-year increase of 3.5%. This consistent upward trend in housing prices suggests a stable market with increasing homeowner equity. Similarly, the median apartment price has reached $300,000, with a slightly lower year-over-year increase of 2.1%. This differentiated growth rate indicates that while apartments are gaining value, houses are in higher demand and potentially offer a better return on investment.
The population of Sundown has witnessed significant growth at 7.1%, which is substantially higher than the national average. This influx is likely putting additional pressure on the housing market, leading to increased demand for both purchasing and renting properties.
Investment Opportunities and Potential
Given the steady rise in property values, investors might find attractive opportunities in Sundown’s real estate market. The strong population growth coupled with robust housing price trends suggests that there is potential for both short-term gains through property flipping and long-term wealth accumulation through rental income and property value appreciation.
Investors should consider targeting single-family homes due to their higher price appreciation rate. However, apartments can also be a smart investment, as the lower entry cost and continued appreciation make them an accessible option for both new and seasoned investors looking for diversification or more manageable properties.
Future Market Outlook
The future outlook for Sundown’s real estate market remains positive. Given the current trends and population growth rates, it is reasonable to expect that demand will continue to outstrip supply in the near term, potentially leading to further increases in property values. This growth must be monitored closely as it can lead to affordability issues which may eventually slow market activity or prompt government intervention.
Investors should be optimistic but cautious; keeping an eye on external economic factors such as interest rates, employment rates in the region, and broader economic conditions that could affect the local real estate market dynamics.
