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 (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 Bareneed, Newfoundland and Labrador, is currently experiencing a period of moderate growth. The median house price in the area stands at $500,000, with a year-over-year increase of 3.5%. This suggests a stable market that is growing at a healthy rate, which could reflect a balance between supply and demand.
On the other hand, the median apartment price is slightly lower at $300,000, rising at a slower pace of 2.1% year-over-year. This differential in growth rates between houses and apartments may indicate a stronger demand for single-family homes or could also reflect a larger inventory or lesser demand for apartments.
With a population of 15,000 that has grown by 7.1%, Bareneed is likely experiencing an influx of new residents or investments that could be contributing to the housing market’s vitality. This kind of population growth can be a positive indicator for continued demand in the housing market.
Investment Opportunities and Potential
The steady growth in property values combined with significant population increases suggests that Bareneed offers promising investment opportunities. Investors looking to enter the housing market could find potential in purchasing single-family homes, which seem to be appreciating at a faster rate than apartments.
However, the rental market should not be overlooked as new residents may look for temporary housing before purchasing homes. As such, investing in apartments could also provide returns through rental income as well as potential long-term appreciation.
Given the current trends, investors should conduct thorough due diligence on specific neighborhoods within Bareneed to identify areas with the highest potential for appreciation or rental yield.
Future Market Outlook
The future real estate market outlook for Bareneed appears optimistic. Assuming that the factors contributing to current growth—such as population increase—continue along the same trajectory, it is likely that both house and apartment prices will continue to rise. However, it’s important to monitor external economic conditions that could impact interest rates and borrowing costs, potentially affecting buyer affordability and influencing market dynamics.
Moreover, any future developments or infrastructure projects could further enhance property values in specific parts of Bareneed. Potential investors and homeowners should keep an eye on municipal plans that might indicate areas poised for greater development.
In summary, while current conditions suggest stability and growth potential in Bareneed’s real estate market, continuous monitoring of economic indicators and local developments is essential for making informed investment decisions.
