Warwick, Alberta Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 4.2% |
| Stock on market | 0.6% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.9% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $600,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2024) | 15,500 |
| Previous Population (2019) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Warwick, Alberta is currently experiencing steady growth. The median house price stands at $485,000, with a year-over-year increase of 4.2%. This indicates a healthy upward trend for homeowners and reflects a robust demand within the housing sector. The apartment market is also growing, albeit at a slower pace, with the median apartment price at $295,000 and an annual appreciation rate of 1.9%. This disparity in growth rates may suggest a stronger preference or demand for single-family homes over apartments in the current market. Warwick’s population has been growing at a rate of 3.3%, which is likely contributing to the demand for housing and helping drive prices upward.
Investment Opportunities and Potential
The positive trends observed in Warwick’s real estate market present several investment opportunities. The consistent growth in house prices suggests that purchasing residential property could yield substantial returns over time. Single-family homes appear particularly attractive given their higher appreciation rate compared to apartments. Investors should also consider demographic trends such as the increasing population when assessing rental markets or development opportunities; an expanding population typically leads to increased demand for rental properties.
Future Market Outlook
Looking forward, the real estate market in Warwick appears poised for continued growth. The combination of steady price increases, robust population growth, and the apparent preference for single-family homes positions the market well for future investment and development. Assuming these trends persist, investors can reasonably expect ongoing appreciation in property values and potential rental income growth. As always, market conditions can change due to various external factors such as economic shifts or changes in government housing policies; thus, it is crucial to monitor these elements closely to maintain an up-to-date understanding of the local real estate landscape.
