Bloomfield, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.0% |
| Stock on market | 0.7% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $425,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $575,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $335,000 |
| 3 bedrooms | $420,000 |
Demographics
| Current Population (2024) | 15,200 |
| Previous Population (2019) | 14,900 |
| Population Change | 2.0% |
| Total Private Dwellings | 6,200 |
| 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 Bloomfield, Newfoundland and Labrador, is currently experiencing steady growth. The median house price in the region stands at $485,000, reflecting a year-over-year increase of 4%. This suggests a healthy demand for housing that is pushing prices upward, albeit at a moderate pace. Meanwhile, the apartment sector is also seeing growth with the median apartment price at $295,000, which has risen by 2.5% from the previous year.
The population of Bloomfield is approximately 15,200 and has been growing at a rate of 2% annually. This demographic trend contributes to an increased demand for housing and supports the ongoing growth in property values. The market is attracting both homeowners looking to settle in the area and investors interested in benefiting from the steady appreciation rates.
Investment Opportunities and Potential
Given the current trends, investment opportunities within Bloomfield appear promising. The consistent rise in median house prices suggests that purchasing residential properties could yield solid returns through capital appreciation over time. Apartments offer a slightly lower but still positive year-over-year price increase, indicating a more affordable entry point for investors or an alternative investment route for those seeking to diversify their portfolio within the local real estate market.
Investors should also consider the rental market potential due to population growth. An expanding population often leads to higher rental demand, which could make buy-to-let properties particularly attractive. This demographic shift implies that there will be a steady influx of individuals and families needing housing, thereby supporting both rental income stability and long-term asset value appreciation.
Future Market Outlook
The future market outlook for Bloomfield remains optimistic based on current data and trends. As long as the population continues to grow at its current rate or higher, demand for housing is likely to persist. Additionally, if economic conditions remain favorable with low-interest rates and employment stability within the region, the real estate market should continue to experience a gradual increase in property values.
However, potential investors should be aware of external factors such as broader economic changes or shifts in provincial policies that could affect market dynamics. Keeping abreast of developments related to infrastructure projects or industries driving employment in Bloomfield will be crucial for making informed investment decisions.
In conclusion, Bloomfield’s real estate market exhibits positive indicators for both short-term gains through property flips and long-term investments focused on rental income and capital growth. Careful analysis of specific neighborhoods and property types will be essential for maximizing investment potential.
