Tappen, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $505,000 |
| Monthly growth | 1.3% |
| Quarterly trend | 4.2% |
| Stock on market | 0.6% |
Apartment
| Median price | $310,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $505,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $460,000 |
Demographics
| Current Population (2024) | 15,000 |
| Previous Population (2019) | 14,500 |
| Population Change | 3.4% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.4 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Tappen, British Columbia has been showing steady growth. With a median house price of $505,000 and an annual increase of 4.2%, the market is demonstrating resilience and continued buyer interest. Similarly, the apartment sector has seen a positive trend with the median price at $310,000, which is up by 2.5% year-over-year.
This steady growth can be attributed to Tappen’s appealing local amenities and the broader economic health of the region. The growing demand for residential properties in this area reflects both local population growth and external interest from buyers looking for investment opportunities or lifestyle changes.
Investment Opportunities and Potential
For investors considering Tappen’s real estate market, there are several factors to consider. The continuous increase in property values indicates a robust investment potential. Houses have appreciated more quickly than apartments over the past year, suggesting that detached homes may offer better capital gains in the short to medium term.
As the population of Tappen grows at a rate of 3.4%, demand for housing is expected to rise correspondingly. This demographic trend can lead to a higher rental occupancy rate, providing investors with the opportunity for stable rental income streams alongside long-term property value appreciation.
Future Market Outlook
The future outlook for Tappen’s real estate market appears promising. Population growth is a strong indicator of future demand for housing, and with a current growth rate of 3.4%, it bodes well for ongoing real estate development and investment activity.
If current trends continue, we can anticipate further increases in median house and apartment prices. However, it’s important to note that external economic factors such as interest rates, employment rates, and regional economic policies could impact these projections.
In conclusion, Tappen presents itself as an attractive market for both homeowners and investors, characterised by steady growth in property values and a burgeoning population that signals continued demand for residential housing.
