Woodridge, 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
The real estate market in Woodridge, Manitoba currently showcases a robust growth pattern, indicated by the steady increase in housing prices. The median house price in Woodridge stands at $500,000, reflecting a year-over-year growth of 3.5%. This trend underscores a healthy demand for single-family homes within the area. Similarly, apartments are experiencing a positive trajectory with the median price at $300,000 and observing a 2.1% year-over-year increase.
The community’s population has grown to 15,000 residents, experiencing an impressive growth rate of 7.1%. This demographic expansion suggests an increasing need for housing and can be seen as a driving factor for the escalated real estate prices. The current market conditions are leaning towards a sellers’ market, where demand is outpacing the supply of available properties.
Investment Opportunities and Potential
Given Woodridge’s strong population growth and consistent property value appreciation, the region offers promising investment opportunities. Investors looking to capitalize on rental income may find value in the apartment sector due to its lower entry price point of $300,000 and steady appreciation rate. The ongoing demand for housing supports potential for reliable rental yields.
The single-family home segment also presents a viable avenue for investment, particularly with its higher year-over-year price increase of 3.5%. This indicates that homes are not only valuable assets for rental purposes but also have substantial potential for capital gains upon resale.
New development projects responding to population growth may also present opportunities for investors seeking to partake in Woodridge’s expansion through commercial or residential ventures.
Future Market Outlook
The future real estate market outlook for Woodridge is optimistic. Given the solid population growth rate of 7.1%, it can be anticipated that the demand for housing will continue to rise. As long as this demographic trend persists, the real estate market is likely to sustain its upward trajectory in both property values and rental rates.
Inflationary pressures and changes in interest rates could potentially influence buyer affordability and thus impact market dynamics; however, as of now, Woodridge’s real estate market seems poised for continued growth. It remains an attractive location for both homebuyers and investors seeking stability and long-term appreciation in property values.
Analyzing these factors collectively, stakeholders can be cautiously optimistic about Woodridge’s real estate prospects over the coming years.
