Berryton, New Brunswick Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.3% |
| Stock on market | 0.9% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $495,000 |
| 4 bedrooms | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $345,000 |
| 3 bedrooms | $430,000 |
Demographics
| Current Population (2024) | 15,200 |
| Previous Population (2019) | 15,000 |
| Population Change | 1.3% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,800 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The Berryton real estate market is currently experiencing a stable growth pattern. The median house price stands at $495,000, reflecting a year-over-year increase of 3.3%. This steady appreciation indicates a healthy demand for housing in the area. Similarly, the median apartment price has seen a 2.5% rise from the previous year, now at $295,000; this suggests that smaller housing units are also attracting buyer interest but at a slightly slower pace than houses.
The population of Berryton continues to expand with a growth rate of 1.3%, which may contribute to the sustained demand for residential properties. The influx of residents could be attributed to various factors such as employment opportunities, lifestyle choices, or demographic trends like urban-to-rural migration.
Investment Opportunities and Potential
For investors considering Berryton’s real estate market, there appears to be promising potential. The consistent growth in property values indicates a market where investments can appreciate over time. Single-family homes, given their higher price appreciation rate, may offer better capital gains in the long-term compared to apartments.
Moreover, the positive population growth trend suggests that rental properties could benefit from an increasing tenant pool. Investors might find opportunities in the apartment sector to cater to individuals or small families seeking more affordable housing options without committing to homeownership.
Future Market Outlook
Looking forward, the Berryton real estate market is poised for continued growth albeit at a modest pace. Assuming the local economy remains stable and the population continues to grow at its current rate or higher, demand for housing should persist. This is likely to support ongoing property value appreciation and maintain investor interest.
However, potential investors and homeowners should remain cognizant of broader economic indicators and regional developments that could impact market conditions. Factors such as interest rates, employment trends, and government policies on home buying can significantly influence the trajectory of house and apartment prices in Berryton.
