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Thorsby, 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 (2025) 15,000
Previous Population (2020) 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 Thorsby, Alberta

The current real estate market in Thorsby, Alberta, showcases stable growth, characterized by a year-over-year increase in housing prices. With the median house price standing at $500,000, there has been a 3.5% rise compared to the previous year. This steady growth indicates a healthy demand for single-family houses in the area. Similarly, the apartment sector has experienced an increase in value, with median apartment prices reaching $300,000 and witnessing a 2.1% year-over-year upward trend.

Thorsby’s demographic profile is also expanding, with a population growth of 7.1%, which is significantly higher than the national average. This influx of residents may be contributing to the sustained demand for housing and can be expected to continue fueling real estate dynamics in the near future.

Investment Opportunities and Potential in Thorsby

The consistent appreciation in property values presents a promising landscape for investors. The robust 3.5% increase in house prices suggests that investment in residential property could yield substantial returns over time. Additionally, given that apartment prices are also on an upward trajectory albeit at a slower pace (2.1%), investors might benefit from diversifying their portfolios by including multi-family units.

Owing to Thorsby’s growing population, rental properties could also represent a lucrative opportunity as more individuals and families seek accommodation within the town. The potential for rental income combined with long-term capital gains makes Thorsby an attractive market for both seasoned and new investors.

Future Market Outlook for Thorsby’s Real Estate

Looking towards the future, Thorsby’s real estate market appears poised for continued growth. The combination of a strong population increase and consistent appreciation in property values bodes well for the stability of the market. If these trends persist, we can anticipate further increments in property prices along with sustained or increased demand.

However, investors should also remain attuned to broader economic conditions and policies that could influence interest rates and borrowing costs. Vigilance regarding such external factors is essential to making informed investment decisions that align with evolving market conditions.

In summary, Thorsby offers promising prospects for real estate investment based on current data trends. With mindful analysis and strategic planning, stakeholders can capitalize on opportunities presented by this vibrant and growing Albertan community.