Belleoram, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.3% |
| Stock on market | 0.7% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.0% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $425,000 |
| 3 bedrooms | $495,000 |
| 4 bedrooms | $600,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $440,000 |
Demographics
| Current Population (2024) | 15,300 |
| Previous Population (2019) | 15,000 |
| Population Change | 2.0% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,600 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Belleoram, Newfoundland and Labrador, is currently experiencing moderate growth. The median house price stands at $495,000, which reflects a year-over-year increase of 3.3%. This increment suggests a healthy demand in the housing sector, potentially driven by regional economic stability and an attractive living environment.
Similarly, the apartment sector has seen a rise in value, with the median apartment price reaching $295,000, growing at a slightly lower rate of 2% year-over-year. The distinct trends between houses and apartments may indicate differing levels of demand or a shift in buyer preferences within the market.
The population of Belleoram has been growing steadily at a rate of 2%, currently standing at 15,300. This growth can contribute to the increasing demand for housing and may be an encouraging sign for investors and developers considering entering or expanding within the market.
Investment Opportunities and Potential
Belleoram offers interesting investment opportunities given its steady population growth and consistent appreciation in property values. Residential properties, particularly houses, have shown stronger capital growth recently, suggesting that investments in this sector could yield solid returns for long-term investors. Additionally, the more modest increase in apartment prices presents an opportunity for entry-level investors or those looking for lower-risk investments.
The sustained population increase also implies potential for rental investments as new residents may look for temporary or long-term rental solutions. Investors could benefit from exploring both traditional rental models as well as vacation rental opportunities given Newfoundland and Labrador’s growing reputation as a travel destination.
Future Market Outlook
The future real estate market outlook for Belleoram appears cautiously optimistic. Assuming current economic conditions hold steady and population growth continues on its upward trend, it is likely that both housing and apartment sectors will continue to experience gradual increases in value. A 3.3% growth rate in house prices indicates a stable market without signs of overheating.
However, it is crucial for investors to consider potential risks such as economic shifts due to local industry changes or broader national economic trends. Monitoring interest rates, employment rates, and any changes in provincial housing policies will also be essential for accurate forecasting and strategic investment planning.
In summary, while current trends point towards a positive outlook for Belleoram’s real estate market, investors should maintain vigilance and adaptability to safeguard against unforeseen changes that could affect market dynamics.
