Blaketown, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.8% |
| Stock on market | 0.6% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $390,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $325,000 |
| 3 bedrooms | $425,000 |
Demographics
| Current Population (2024) | 15,200 |
| Previous Population (2019) | 15,000 |
| Population Change | 1.3% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Blaketown, Newfoundland and Labrador is experiencing a period of moderate growth. With a median house price of $485,000, the market has seen a year-over-year increase of 2.8%. This indicates a steady demand for housing in the area, reflecting confidence in the local economy and its real estate market.
Apartments in Blaketown are more affordable with a median price of $295,000 and have experienced a year-over-year growth of 1.5%. This slower rate of appreciation compared to houses suggests that there may be less competition or lower demand for apartments at this time.
The population of Blaketown stands at 15,200, with a growth rate of 1.33%, suggesting that the town is attracting new residents at a stable pace. An increasing population typically correlates with higher demand for housing, which may lead to potential price increases if the supply does not keep up.
Investment Opportunities and Potential
Given the steady growth in housing prices and the consistent population increase, Blaketown presents promising investment opportunities for those looking to enter the real estate market or expand their portfolio. The growth trends indicate that early investments could yield positive returns as demand continues to push prices upward over time.
Investors should consider diversifying their holdings between houses and apartments to capitalize on different segments of the market. The more significant year-over-year increase for houses suggests stronger capital gains potential in this sector, while apartments could offer cash flow opportunities through rental income.
Moreover, new developments catering to the growing population could also be an area worth exploring. As Blaketown expands, there may be increased potential for commercial properties to serve the needs of residents.
Future Market Outlook
The future real estate market outlook for Blaketown appears cautiously optimistic. The combination of continuous population growth and modest price appreciation points towards sustainable development within the real estate sector.
If current trends persist, investors can reasonably expect further gradual increases in property values. However, it is essential to monitor local economic factors that could influence future demand such as employment rates, infrastructure projects, and government policies affecting homeownership.
Potential investors should also stay informed about national economic conditions since shifts in interest rates and lending practices can impact buyer affordability and therefore influence local markets like Blaketown’s.
In conclusion, while no investment is without risk, careful analysis suggests that Blaketown’s real estate market possesses solid fundamentals which bode well for its continued health and prospects for steady growth.
