Wanham, 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 Wanham, Alberta is currently experiencing steady growth. The median house price in the area is $500,000, reflecting a year-over-year increase of 3.5%. This indicates a healthy market with moderate appreciation rates for homeowners and investors. Similarly, the apartment market is also showing positive trends with a median price of $300,000 and a growth rate of 2.1% over the past year.
With a population of 15,000 that has grown by 7.1%, Wanham is experiencing substantial demographic expansion which could be contributing to the demand in housing and supporting the upward trend in property values. The influx of residents suggests a dynamic local economy that is likely attracting new residents for employment opportunities or lifestyle choices.
Investment Opportunities and Potential
The consistent growth in both house and apartment prices signals robust investment potential in Wanham’s real estate market. For investors looking at long-term capital gains, purchasing residential properties could prove lucrative given the steady appreciation trend.
Furthermore, the significant population increase presents opportunities for rental property investors, as there may be heightened demand for rental accommodations from individuals and families moving to the area. Apartments might be particularly appealing for first-time investors or those seeking lower entry costs into the real estate market due to their relatively lower median price point compared to houses.
Future Market Outlook
The outlook for Wanham’s real estate market remains positive based on current trends and demographic data. Assuming that the population continues to grow at a similar pace, demand for housing is likely to sustain or potentially increase, thus propelling property values further upwards.
Given this optimistic scenario, both homebuyers and investors can expect continued growth in their property investments over the coming years. However, as with all real estate forecasts, it is essential to monitor economic indicators such as employment rates, interest rates, and regional development plans which can affect market dynamics.
In conclusion, Wanham’s real estate market presents promising prospects for those looking to invest or reside in the area. A balanced approach that considers both current trends and potential economic shifts will be key to successful participation in this burgeoning market.
