What is the Current Median Home Price in Salmon Arm?

Home Price in Salmon Arm

The picturesque community of Salmon Arm is home to a variety of housing options, ranging from cozy condos overlooking Shuswap Lake to sprawling family homes with outdoor living spaces and private backyards. Located just a short drive north of Kelowna in the heart of the Shuswap region, Salmon Arm offers year-round adventure outdoors and a vibrant local culture. With its close-knit community feel, it’s no wonder people are drawn to this scenic city, which is known for its year-round recreation and thriving economy.

As a result of the growing population, the housing market is strong in Salmon Arm with a low inventory of properties for sale and an influx of buyers from the Lower Mainland and Alberta. Currently, the average median home price in Salmon Arm is $280,000, which is higher than the provincial average of $191,500. However, the average price per square foot in Salmon Arm is much lower than that of Kelowna and Vernon, according to a recent survey from Century 21 Canada.

Salmon Arm real estate is a highly sought-after commodity in the area, and demand is even stronger for new construction homes. Local homebuilders have noticed an increased demand for houses in the city and are taking advantage of incentives offered by the government, including tax abatement on empty lots and help for first-time buyers. Gary Arsenault, owner of Green Emerald Construction in Salmon Arm, says his firm is constructing several new “spec” homes that are selling quickly. He expects the increased interest in Salmon Arm to continue as the city expands.

What is the Current Median Home Price in Salmon Arm?

While property prices have been on the rise, the active listing inventory has remained stable in November. This indicates that consumers are feeling confident in the local market and are ready to take on new challenges. The trend should continue through 2024 as buyers are expected to remain interested in the area and the affordable pricing makes it an attractive place to live.

In terms of commuting, most employed residents in Salmon Arm commute less than 15 minutes to get to work. This is a great statistic considering the average commute time in Canada is around 29 minutes.

Residents of Salmon Arm enjoy a variety of shopping, dining and entertainment venues in their downtown core. The city boasts a mix of quaint boutiques, large name retailers and professional services. The core is also a hub for outdoor activities with the community waterfront parks and sports fields offering a range of recreational opportunities.

The best way to determine your ideal neighbourhood is to consult an experienced Salmon Arm real estate agent, who will be able to advise you on the current state of the market and help you find the perfect place to call home. REW can connect you with outstanding local agents and provide guidance on getting a new mortgage, so contact us today to get started.