Berwick, 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 Berwick, 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 is showing healthy appreciation. Similarly, the median apartment price stands at $300,000 with a more modest growth trend of 2.1% over the past year.
The steady price growth can be attributed to Berwick’s expanding population, which has seen a 7.1% increase. This demographic shift indicates a growing demand for housing in the area. The current trends suggest that Berwick’s real estate market is balanced, with both buyers and sellers finding opportunities to engage in transactions without the pressures of an overheated or stagnant market.
Investment Opportunities and Potential
For investors, Berwick’s real estate market presents several promising avenues. The consistent rise in property values suggests that purchasing residential properties in this region could yield profitable returns over the medium to long term. Investment in single-family homes appears particularly attractive given the higher annual appreciation rate of 3.5%.
Additionally, as population growth continues, there may be increased demand for rental properties, making multi-unit apartments an appealing option for those looking to generate steady rental income. With apartment prices increasing at a slower rate than houses, investors might find more accessible entry points into the market while still capitalizing on the overall upward trend.
Future Market Outlook
The future outlook for Berwick’s real estate market remains positive. Given the strong population growth coupled with sustained property value increases, it is likely that the demand for both residential and rental properties will continue to rise.
Assuming no major economic disruptions occur and that current trends persist, investors can remain optimistic about the potential for stable growth. It will be important for stakeholders to monitor factors such as employment rates, infrastructure development, and interest rates as these will influence the trajectory of property values and investment viability in Berwick.
In conclusion, Berwick offers a robust real estate market with favorable conditions for both homebuyers and investors. As long as the town maintains its current growth trajectory, it should remain an attractive location for those interested in real estate ventures.
