Benton, 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 Benton, Newfoundland and Labrador is experiencing a period of steady growth. The median house price currently stands at $500,000, with an upward trend of 3.5% year-over-year, indicating a healthy appreciation of property values. Similarly, the median apartment price has reached $300,000 and has seen a slower yet consistent increase of 2.1% year-over-year.
This growth can be attributed to the area’s rising population, which has grown by 7.1%, reflecting increased demand for housing in the region. The market conditions suggest that Benton is enjoying economic stability and a burgeoning real estate sector that is likely to attract both buyers and sellers looking for favorable investment conditions.
Investment Opportunities and Potential
For investors considering Benton’s real estate market, the current trends show promising potential. The consistent increase in property values provides opportunities for capital gains over time. Investment in houses seems particularly advantageous given the higher appreciation rate compared to apartments.
The growing population indicates a demand for rental properties as well, which could be beneficial for investors looking to enter the landlord market or expand their portfolio with rental units. Given the diverse range of property values and the sustained growth rates, Benton offers a variety of investment opportunities that cater to different levels of investment capital.
Future Market Outlook
The future outlook for Benton’s real estate market appears optimistic. The combination of a growing population and positive pricing trends suggests that demand for housing will continue to rise, potentially leading to further increases in property values.
However, investors should remain attentive to broader economic indicators and regional developments that may impact the market. Factors such as employment rates, infrastructure investments, and interest rate changes could influence future trends in Benton’s real estate landscape.
In conclusion, while current data points towards a robust market with ample investment opportunities, it remains crucial for investors to conduct thorough due diligence and stay informed about both local and national economic shifts that could affect the future performance of Benton’s real estate market.
