Boxey, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| 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 | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $330,000 |
| 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 Boxey, Newfoundland and Labrador, currently displays a moderate growth with the median house price sitting at $485,000, reflecting a year-over-year increase of 3.2%. This uptick indicates a steadily appreciating market which may be driven by factors such as local economic development, increasing demand for housing, or limited supply. Conversely, the median apartment price is somewhat lower at $295,000, growing at a slightly reduced pace of 2.5% year-over-year. The differential growth rates suggest that houses are potentially in higher demand than apartments or may offer features that justify the premium.
The population of Boxey stands at 15,200 with a growth rate of 2%, indicating a steady influx of residents which could be contributing to the increased housing demand. This demographic trend is an essential component in sustaining the real estate market’s vitality and can lead to sustained or increased property valuations over time.
Investment Opportunities and Potential
Given the steady increase in property values, Boxey presents potential investment opportunities particularly in single-family homes, which are experiencing a slightly stronger growth rate compared to apartments. The consistent population growth further enhances the potential for rental investments as more individuals may be looking for housing as they move into the area.
Investors should consider long-term investment horizons given the market’s current trajectory. Diversifying investments between houses and apartments could also mitigate risk while taking advantage of different segments within the real estate market. The slower growth rate of apartment prices might also offer more affordable entry points for investors looking to enter the market or for first-time buyers.
Future Market Outlook
The future outlook for Boxey’s real estate market remains cautiously positive given current trends. Should the population continue to rise at its current rate, demand for housing is likely to sustain or potentially increase property values over time. However, investors and stakeholders should remain attentive to external economic factors, local industry performance, and interest rates which can all impact housing affordability and investment attractiveness.
Maintaining a close watch on regional developments that may affect employment rates and infrastructure projects will be key in forecasting long-term trends within Boxey’s market. If positive population growth persists alongside economic stability or improvement, one can expect continued gradual appreciation in property values aligning with recent trends.
