Bloomfield, Newfoundland and Labrador 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
As of the most recent data, Bloomfield’s real estate market reflects a steady growth pattern. With a median house price of $500,000, the market has experienced a year-over-year increase of 3.5%. Similarly, the median apartment price stands at $300,000, following a 2.1% rise over the past year. These statistics suggest that Bloomfield is experiencing consistent growth in property values.
The local population has reached 15,000 residents and shows a robust population growth rate of 7.1%. This demographic expansion is likely a driving factor behind the appreciating real estate prices, as demand for housing increases with the growing community.
Investment Opportunities and Potential
Bloomfield’s real estate market presents various investment opportunities. Given the solid growth in housing prices and the significant population increase, there is potential for both short-term gains through property flipping and long-term investment through rental properties.
The trend in median house prices indicates that single-family homes are particularly attractive for investors looking to capitalize on equity growth. Apartments offer a more accessible entry point into the market with lower price points and may appeal to those seeking rental income, especially as the area’s population expands and demand for rental units rises.
Future Market Outlook
The future outlook for Bloomfield’s real estate market appears optimistic. The combination of steady price increases and significant population growth suggests that demand for housing will continue to support property values. Assuming that current economic conditions persist and no major policy changes disrupt the market dynamics, investors can expect continued growth in both housing and apartment sectors.
However, it is important for investors to monitor external economic factors such as interest rates, employment levels, and regional economic development initiatives, as these elements can notably impact market performance.
