Bayfield, New Brunswick 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 Bayfield, New Brunswick, is currently experiencing stable growth. With a median house price of $500,000 and a year-over-year increase of 3.5%, the market shows steady appreciation for single-family homes. The median apartment price stands at $300,000 with a growth trend of 2.1% over the past year. These metrics indicate a healthy demand in the residential real estate segment of Bayfield.
The population of Bayfield has reached 15,000 residents, growing by 7.1%. This significant population growth suggests an increasing demand for housing which could contribute to the upward pressure on property values in both the short and long term.
Investment Opportunities and Potential
With its current trajectory, Bayfield presents attractive investment opportunities, particularly in residential properties. Investors may find potential in purchasing single-family homes and apartments to cater to the growing population. The moderate yet consistent price trends suggest that investments could yield favorable returns through both capital appreciation and rental income.
Bearing in mind the population increase, there may also be opportunities for new development projects to accommodate the housing demand. Developers and investors could explore prospects for building new residential units or renovating existing properties to improve their value.
Future Market Outlook
The future market outlook for Bayfield appears optimistic. Based on the steady historical price increases for houses and apartments, along with significant population growth, it is reasonable to expect that these trends will continue into the near future. Assuming no major economic disruptions occur, Bayfield’s real estate market should maintain its growth trajectory.
The ongoing demand for housing driven by population growth is likely to keep upward pressure on both prices and rental rates. Investors and homeowners considering entering or expanding within the Bayfield market might anticipate continued appreciation in property values and potential rental income gains.
