Brooklyn, 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 | 0.6% |
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 | $425,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $575,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $430,000 |
Demographics
| Current Population (2024) | 15,300 |
| Previous Population (2019) | 15,000 |
| Population Change | 2.0% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,800 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Brooklyn, Newfoundland and Labrador is currently experiencing a modest growth in property values. The median house price stands at $485,000, reflecting a year-over-year increase of 3.2%. This indicates a steady demand for housing within the community. Similarly, the median apartment price has seen an uptick to $295,000, which marks a 2.5% year-over-year growth. These trends suggest that the market is attracting both buyers looking for family homes as well as those interested in smaller living spaces or investment properties.
Investment Opportunities and Potential
The ongoing growth in property values presents several potential investment opportunities within Brooklyn’s real estate market. With a population of 15,300 and a growth rate of 2%, demand for housing is likely to remain robust. Investors might find prospects in purchasing residential properties to cater to the growing community or capitalizing on rental properties, given the upward trend in apartment prices. The current trends also hint at possible long-term capital gains for those looking to hold onto properties over an extended period.
Future Market Outlook
The future outlook of Brooklyn’s real estate market appears positive based on current data. The consistent population growth coupled with increasing property values suggests that the demand for housing will continue to rise. Assuming that economic conditions remain stable and the area continues to attract residents seeking employment or lifestyle changes, property investors and homeowners may see sustained appreciation in their real estate assets. However, it is crucial for potential investors to conduct thorough due diligence and stay informed about local economic developments that could impact the market dynamics.
