Thornhill, 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 in Thornhill, Manitoba
The real estate market in Thornhill, Manitoba currently exhibits a stable growth pattern, with the median house price standing at $500,000, showcasing a year-over-year increase of 3.5%. This increment indicates a healthy demand for single-family homes and reflects a steadily appreciating market. Similarly, the apartment market is also experiencing growth, albeit at a slightly slower pace, with median prices reaching $300,000 and observing a 2.1% year-over-year increase.
The population of Thornhill has grown to 15,000 residents, with a robust growth rate of 7.1%, which could be attributed to factors such as economic opportunities or lifestyle preferences attracting individuals to the area. This population upsurge has likely contributed to the sustained demand in the housing sector and may continue to support real estate values moving forward.
Investment Opportunities and Potential in Thornhill, Manitoba
With both housing and apartment markets indicating upward trends, Thornhill presents promising investment opportunities for potential buyers and investors. The steady rise in property values suggests that investments made now could yield favorable returns as the market continues to mature. Moreover, given the solid population growth rate, rental properties may be particularly appealing for investors looking to capitalize on an increasing demand for housing options within the community.
Investors should note the differing growth rates between houses and apartments when making decisions; while houses have seen higher appreciation rates recently, apartments offer a more accessible entry point into the market which may be ideal for those looking for lower initial investments.
Future Market Outlook for Thornhill, Manitoba
The future real estate market outlook for Thornhill appears positive. If current trends persist alongside population increases, it is reasonable to anticipate continued growth in property values over the coming years. The consistent year-over-year price increase suggests that the market is not experiencing volatile swings but rather maintaining a steady climb.
However, as with any investment landscape, external economic factors or changes in local conditions could impact these projections. Therefore, while current indicators are promising, continuous monitoring of both local and broader economic indicators remains crucial for accurate future market predictions.
In conclusion, Thornhill’s real estate market is characterized by steady growth and potential for future gains. With strong population growth supporting housing demand and a stable increase in property prices observed across different types of residences, this locale presents itself as an attractive option for both residential buyers and real estate investors alike.
