Botwood, 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 | 0.6% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.9% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $570,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $330,000 |
| 3 bedrooms | $410,000 |
Demographics
| Current Population (2025) | 15,050 |
| Previous Population (2020) | 14,500 |
| Population Change | 3.8% |
| 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 Botwood, Newfoundland and Labrador, is currently experiencing a period of moderate growth. The median house price in the region stands at $485,000, marking a year-over-year increase of 4%. This suggests a steady demand for housing in the area. Similarly, the median apartment price has risen to $295,000, with a slower growth rate of 1.9% over the same period.
Botwood’s population has seen a healthy increase of 3.8%, which could be contributing to the housing demand and supporting price growth. The consistent population growth indicates a sustained interest in the area, likely due to factors such as employment opportunities, lifestyle amenities, and its attractiveness as a place to reside.
Investment Opportunities and Potential
The real estate investment landscape in Botwood presents several opportunities. With house prices showing a steady increase, investors could benefit from capital appreciation over the coming years. The slower growth in apartment prices also indicates an opportunity for investors to enter the market at a more accessible price point.
In addition to purchase price considerations, rental demand spurred by population growth could make both houses and apartments attractive as income-generating assets. Investors should conduct thorough market research to identify areas within Botwood that offer the best potential for rental yields and long-term property value increases.
Future Market Outlook
The future market outlook for Botwood is cautiously optimistic. Given the current trends of moderate property value increases and steady population growth, it is likely that the demand for housing will continue to support the real estate market’s health.
However, potential investors and homeowners should be mindful of broader economic conditions that may impact interest rates, employment stability, and overall affordability in Newfoundland and Labrador. Monitoring these factors will be crucial in making informed decisions about entering or exiting the Botwood real estate market.
In conclusion, while no market can be entirely predicted, Botwood offers promising indicators for those looking to invest or find a home in Newfoundland and Labrador. It would be wise for stakeholders to stay informed on local developments that may influence supply and demand dynamics moving forward.
