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
1. Current Market Conditions and Trends
The real estate market in Brookside, Newfoundland and Labrador, is currently experiencing a period of steady growth. The median house price stands at $500,000, with a year-over-year increase of 3.5%. This consistent upswing in house prices points to a healthy demand within the local housing market and suggests that Brookside remains an attractive location for homeowners.
Similarly, the apartment sector is showing positive momentum, albeit at a slightly more modest pace. The median apartment price has reached $300,000, marking a 2.1% rise from the previous year. This trend indicates an ongoing interest in more affordable and potentially more flexible living spaces such as apartments.
The population of Brookside has grown to 15,000 residents, reflecting a significant growth rate of 7.1%. This population increase is likely contributing to the demand for housing and helping to sustain the current upward trends in property values.
2. Investment Opportunities and Potential
The sustained growth in property values combined with the robust population increase suggests that Brookside offers promising investment opportunities. Investors considering entering the Brookside real estate market can expect potential for long-term capital appreciation given the current trends. Moreover, the ongoing demand for housing could present opportunities for rental property investments, with the possibility of stable rental income streams as well as appreciation of property values over time.
The greater increase in house prices compared to apartments may indicate a particular strength in the single-family home market, which could be an attractive segment for investors focused on this type of property. However, the growing population and preferences for more affordable living suggest that investing in apartments could also prove rewarding due to their lower entry price point and appeal to individuals or small families.
3. Future Market Outlook
Looking ahead, the future market outlook for Brookside appears cautiously optimistic. The consistent growth trends in both houses and apartment prices are likely to continue if the current economic conditions persist. The robust population growth will continue to underpin demand for housing.
In terms of risks, investors should monitor economic factors both locally and nationally that could impact interest rates, employment levels, and overall affordability – all of which can influence real estate markets significantly.
In conclusion, provided that there are no significant economic downturns or policy changes adversely affecting housing markets, Brookside’s real estate market is poised for continued gradual growth. Prospective buyers and investors should consider acting sooner rather than later to capitalize on current market conditions before prices potentially move higher in accordance with prevailing trends.
