Boxey, 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 (2025) | 15,000 |
| Previous Population (2020) | 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
The real estate market in Boxey, Newfoundland and Labrador, is currently experiencing modest growth. The median house price stands at $500,000, with a year-over-year increase of 3.5%. This indicates a steady upward trend in property values for single-family homes, suggesting a stable environment for homeowners and investors alike. The apartment sector, with a median price of $300,000, is also witnessing growth albeit at a slower pace with a 2.1% year-over-year increase.
The population of Boxey has seen significant growth, with an impressive 7.1% increase. This demographic trend contributes positively to the demand for housing in the area, which may continue to support the property value appreciation observed in recent years.
Investment Opportunities and Potential
The current market conditions in Boxey offer appealing investment opportunities. The consistent rise in house prices suggests strong capital gains potential for long-term investors. Additionally, the increasing population may indicate a growing rental market, which could benefit investors interested in purchasing apartments to cater to this segment. Given the more modest appreciation rate of apartments, there may be opportunities to enter this market at a lower price point while still enjoying the benefits of asset appreciation over time.
In light of these factors, investors should consider both residential and multifamily properties. The former can provide steady equity growth, while the latter might offer cash flow advantages due to rental income generation amidst an expanding population base.
Future Market Outlook
The future real estate market outlook for Boxey appears optimistic. With the continued population growth and sustained interest in both residential living and rental accommodations, demand for housing is likely to remain robust. Assuming no significant economic disruptions occur, the trends of gradual price increases may persist.
Investors and homebuyers should keep an eye on economic indicators such as employment rates and regional development plans that could affect market dynamics. Nonetheless, if current conditions hold steady or improve, Boxey’s real estate market could offer promising opportunities for both secure investments and desirable living options.
