Blackhead, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.8% |
| 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 | $485,000 |
| 4 bedrooms | $575,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $425,000 |
Demographics
| Current Population (2024) | 15,200 |
| Previous Population (2019) | 14,800 |
| Population Change | 2.7% |
| 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 real estate market in Blackhead, Newfoundland and Labrador is currently experiencing steady growth. With a median house price of $485,000, the market has seen an increase of 3.8% year-over-year, indicating a healthy upward trend for homeowners. Similarly, the median apartment price stands at $295,000, with a year-over-year price growth of 2.5%. These statistics suggest a balanced market that is growing at a sustainable pace.
The population of Blackhead has grown to 15,200 residents, marking a 2.7% increase. This population growth can be linked to the rising demand for housing in the area and may continue to foster a competitive real estate environment. The increasing population is likely contributing to the steady appreciation of property values in Blackhead.
Investment Opportunities and Potential
Considering the current trends in property value appreciation, Blackhead presents several attractive investment opportunities. The moderate but consistent increase in house and apartment prices indicates that investments in residential real estate could yield profitable returns over time.
The ongoing population growth also suggests that there may be an enduring demand for rental properties, offering potential for investors interested in generating passive income through real estate. Investment in multi-unit residential buildings or the development of new apartment complexes could cater to the growing number of residents looking for rental accommodations.
Future Market Outlook
The future outlook for the Blackhead real estate market appears promising. The consistent growth in property values coupled with a rising population provides a foundation for a stable and potentially expanding market. Assuming these trends continue, we can anticipate ongoing increases in both property demand and values.
A vital factor to watch will be the region’s economic performance and any changes in local policies that could impact the real estate market. As long as economic conditions remain favorable and infrastructure development keeps pace with population growth, Blackhead’s housing market is positioned to maintain its positive trajectory.
