Blackhead, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.0% |
| Stock on market | 0.7% |
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 | $485,000 |
| 4 bedrooms | $575,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $335,000 |
| 3 bedrooms | $415,000 |
Demographics
| Current Population (2024) | 15,200 |
| Previous Population (2019) | 14,500 |
| Population Change | 4.8% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Blackhead, Newfoundland and Labrador is experiencing a period of moderate growth. The median house price in the area currently stands at $485,000, which marks a 3% increase year-over-year. This suggests a steady upward trend in property values for single-family homes, making it an appealing market for homeowners and investors alike.
In the apartment sector, Blackhead’s real estate market is also witnessing growth with the median apartment price at $295,000, following a 2.5% rise year-over-year. This is indicative of a consistent but slightly slower rate of appreciation compared to houses, yet still signifies healthy demand for more affordable, multi-family living options.
The demographic trend shows that Blackhead’s population has grown by 4.8%, totaling around 15,200 residents. This population increase is likely contributing to the demand for housing in the area and supports the ongoing growth in real estate prices.
Investment Opportunities and Potential
With a robust population growth and a consistent upward trajectory in home prices, Blackhead presents promising investment opportunities. Single-family homes appear to be a solid investment given their higher appreciation rate of 3%. Investors looking to enter the market or expand their portfolio should consider capitalizing on this segment before prices climb further.
The market for apartments also offers potential for investment. Though the appreciation rate is slightly lower at 2.5%, apartments may cater to a growing segment of the population seeking more affordable housing options or rental accommodations. With strong population growth figures, demand for rental properties could see an uptick, potentially leading to higher rental yields and occupancy rates for investors.
Future Market Outlook
The future real estate market outlook for Blackhead remains optimistic. The sustained population growth paired with ongoing property value appreciation indicates a healthy market with room for further expansion. Assuming these trends continue, both housing and apartment markets are expected to remain resilient with gradual price increases.
However, investors and homebuyers should keep an eye on economic factors that may influence these trends such as interest rates, employment levels, and regional development projects. Any significant changes in these areas could affect the pace of growth within Blackhead’s real estate market.
Overall, with cautious optimism and close monitoring of market conditions, stakeholders can expect Blackhead’s real estate market to remain attractive for both living and investing purposes in the foreseeable future.
