Belleoram, 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
1. Current Market Conditions and Trends
The real estate market in Belleoram, Newfoundland and Labrador, is currently experiencing steady growth. With a median house price of $500,000, the market has seen an increase of 3.5% year-over-year. This suggests a healthy demand for housing in the area, with prices appreciating at a moderate pace.
Apartments are also following a similar trend but with a slightly lower growth rate. The median apartment price stands at $300,000, with an annual appreciation of 2.1%. This difference in growth rates may indicate a stronger demand for single-family homes over apartments but also shows that the apartment market is still growing, albeit more slowly.
The population of Belleoram is currently around 15,000 residents and has recently seen an impressive growth rate of 7.1%. This population increase is likely contributing to the demand for housing and can be expected to continue influencing real estate trends positively.
2. Investment Opportunities and Potential
The positive trends in both housing prices and population growth present significant investment opportunities in Belleoram’s real estate market. Investors considering entry into this market can expect stable returns on investment due to the consistent house price appreciation.
Single-family homes seem particularly promising given their higher appreciation rate compared to apartments. However, apartments should not be overlooked as they offer more affordable investment options and may appeal to smaller households or those looking for rental properties.
With sustained population growth, there will likely be ongoing demand for rental properties, which could make becoming a landlord an attractive proposition. Moreover, new development projects or renovations in existing properties could benefit from the increasing population seeking quality housing.
3. Future Market Outlook
The future market outlook for Belleoram remains optimistic based on current trends and data. Assuming the continuation of population growth at its current or similar rate, demand for housing is likely to keep driving property values upwards.
Given the steady increase in property prices without any signs of significant volatility, Belleoram presents itself as a stable environment for long-term investments in real estate. Investors should monitor local economic developments and infrastructure investments as these factors will further shape the future landscape of the real estate market here.
However, potential investors must also remain vigilant regarding broader economic conditions such as interest rates changes or shifts in provincial or national economic policies that could impact the real estate market’s trajectory.
