Bareneed, Newfoundland and Labrador 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
The real estate market in Bareneed, Newfoundland and Labrador is currently experiencing moderate growth. With a median house price of $500,000, we have witnessed a steady increase of 3.5% year-over-year. Simultaneously, the median apartment price has reached $300,000, with a growth trend of 2.1% year-over-year. These trends are indicative of a healthy market that is growing at a sustainable pace.
The population of Bareneed has grown by 7.1%, which suggests a burgeoning demand for housing in the area. The increase in residents is likely contributing to the steady appreciation in property values. This growth in population and the consequent demand for housing could be attributed to local economic development, job creation, or an influx of individuals looking for residential opportunities in smaller communities.
Investment Opportunities and Potential
Given the consistent rise in property values, Bareneed presents several promising investment opportunities. The real estate market here offers potential for both short-term gains through property flipping and long-term investments such as rental properties. The current appreciation rates suggest that investing in properties now could yield considerable returns over time.
The market also shows potential for diversification since both houses and apartments are appreciating, though at slightly different rates. Investors might consider a mixed portfolio to spread risk and take advantage of different segments within the housing market. The relatively lower price point for apartments might be particularly attractive to investors looking to enter the market with less capital.
Future Market Outlook
The future outlook for Bareneed’s real estate market looks optimistic. Population growth remains a strong driver for housing demand, which is expected to sustain the upward trend in property prices. If current economic conditions persist and the community continues to attract new residents, we can anticipate continued growth in both house and apartment prices.
However, it is essential to monitor external factors such as interest rates, employment rates, and broader economic conditions that can affect housing markets. For now, with favorable local conditions including population growth, Bareneed appears poised for ongoing real estate market health.