Carmanville, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.3% |
| Quarterly trend | 4.2% |
| Stock on market | 0.7% |
Apartment
| Median price | $295,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $330,000 |
| 3 bedrooms | $425,000 |
Demographics
| Current Population (2024) | 15,100 |
| Previous Population (2019) | 15,000 |
| Population Change | 0.7% |
| 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 Carmanville, Newfoundland and Labrador, is currently experiencing a period of steady growth. With a median house price of $485,000 and an annual increase of 4.2%, the market is showing signs of healthy demand. This upward trend is also reflected in the apartment sector, with median apartment prices at $295,000 and witnessing a more modest year-over-year growth of 2.5%. The population of Carmanville stands at 15,100 with a growth rate of 0.7%, which suggests a stable demographic trend that could continue to support the housing market.
Investment Opportunities and Potential
Investors looking at Carmanville’s real estate market will find potential in both residential properties and apartment units due to the consistent growth in property values. The single-family housing market, with its higher year-over-year price increase, may appeal to investors seeking capital appreciation. Meanwhile, apartments offer a lower entry point for investment and may be attractive for those looking to cater to professionals or small families who prefer more affordable housing options or are not yet ready to enter the housing market as buyers.
Future Market Outlook
The future outlook for Carmanville’s real estate market appears cautiously optimistic. Provided that the current population growth rate is sustained or improved upon, demand for housing should remain stable or potentially increase. The steady rise in property values indicates a balanced market that is not experiencing volatile swings commonly associated with speculative bubbles. Investors and potential homeowners can interpret this as a positive signal for the long-term health of the real estate market in Carmanville.
