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Buchans, Newfoundland and Labrador Real Estate Market Data

Updated: Nov 2024

House

Median price $485,000
Monthly growth 1.1%
Quarterly trend 3.0%
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 $410,000
3 bedrooms $485,000
4 bedrooms $580,000

Apartments

Bedrooms Median Price
1 bedrooms $240,000
2 bedrooms $325,000
3 bedrooms $425,000

Demographics

Current Population (2025) 15,300
Previous Population (2020) 14,900
Population Change 2.7%
Total Private Dwellings 6,100
Occupied Private Dwellings 5,700
Population Density (per km²) 1.6
Land Area (km²) 2,500.5

Market Analysis





Buchans, Newfoundland and Labrador Real Estate Market Analysis

Current Market Conditions and Trends

The real estate market in Buchans, Newfoundland and Labrador, currently exhibits stable growth with the median house price sitting at $485,000, marking a year-over-year increase of 3%. This increment is indicative of a healthy demand for housing in the area. Concurrently, the median apartment price has reached $295,000, following a slightly lower but consistent upward trend of 2.5% year-over-year. This difference in growth rates may reflect a stronger market preference for single-family homes over apartments.

Buchans’s demographic trends also influence the real estate market; with a population of 15,300 and a robust growth rate of 2.7%, the demand for housing is likely to remain sustained. The influx of residents could be due to economic opportunities or the appealing lifestyle that Buchans offers, signaling long-term stability for property values.

Investment Opportunities and Potential

The current market conditions present promising investment opportunities in Buchans. The steady rise in property values, combined with the town’s population growth, suggests that investing in residential real estate could yield profitable returns. Both investors focusing on capital gains through long-term property appreciation or those interested in rental income can find potential here.

Investors should note that the slightly higher growth rate in house prices compared to apartments may indicate a preference for detached homes among residents. Therefore, investments directed towards single-family homes might offer better appreciation potential. Furthermore, with population growth outpacing national averages, demand for rental properties is expected to stay strong, potentially leading to favorable rental yields.

Future Market Outlook

Looking ahead, Buchans’s real estate market appears poised for continued growth. The enduring trend of population increase will likely sustain demand for housing. Assuming that economic factors remain constant and no unforeseen events disrupt market dynamics, one can expect both house and apartment prices to maintain their gradual ascent.

Potential investors should remain cognizant of regional economic developments and infrastructure projects which could further stimulate the local real estate market. Moreover, it’s crucial to monitor interest rate trends as they significantly affect affordability which in turn can impact demand and prices.

In conclusion, Buchans presents an attractive market for real estate investment characterized by steady price increases and solid population growth. With mindful consideration of broader economic indicators and maintaining vigilance on local developments, stakeholders can make informed decisions in this promising market.