Brookside, 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 (2024) | 15,000 |
| Previous Population (2019) | 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 Brookside, Newfoundland and Labrador, is currently experiencing steady growth. With a median house price standing at $500,000, the year-over-year price trend shows an increase of 3.5%. This suggests a healthy demand for single-family homes in the area. Similarly, the median apartment price has also seen growth, albeit at a slower rate of 2.1% year-over-year, with current values averaging around $300,000.
The population of Brookside has been growing at an impressive rate of 7.1%, which is significantly higher than national averages. This influx of residents is likely contributing to the demand for housing and supporting the upward pressure on property values.
Investment Opportunities and Potential
The robust population growth coupled with positive property price trends presents attractive investment opportunities in Brookside. Investors looking to enter the market could benefit from both capital appreciation and rental income potential, particularly in the single-family housing sector given its stronger growth rate.
Moreover, as the apartment prices are increasing at a more modest pace, there may be opportunities to purchase such properties for long-term investment, catering to individuals who prefer affordable housing or are not yet ready to enter the homeownership market.
Future Market Outlook
The outlook for Brookside’s real estate market appears promising. The sustained population increase is expected to continue driving demand for housing. Assuming that economic conditions remain stable and supportive of the current trends, both house and apartment prices may maintain their upward trajectories.
However, investors should remain cautious and consider factors such as interest rates, employment levels, and regional economic developments which could affect market dynamics. Close monitoring of these variables will be key in making informed decisions about entering or expanding one’s portfolio in Brookside’s real estate market.
