Cartwright, 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 (2025) | 15,000 |
| Previous Population (2020) | 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
In Cartwright, Newfoundland and Labrador, the real estate market is currently experiencing moderate growth. The median house price stands at $500,000, which indicates a year-over-year increase of 3.5%. This steady upturn suggests a healthy demand for single-family homes in the region, possibly driven by local economic factors and demographic trends.
Similarly, the apartment market has shown resilience with a median price of $300,000, marking a year-over-year growth of 2.1%. The slower growth rate in the apartment segment compared to houses may reflect a more saturated market or differing buyer preferences in Cartwright.
The population of Cartwright has grown to approximately 15,000 residents, with an impressive growth rate of 7.1%. This demographic expansion contributes to the underlying demand for housing and is a positive indicator for the real estate market’s sustained vitality.
2. Investment Opportunities and Potential
The current trends in Cartwright’s real estate market reveal promising investment opportunities. The consistent appreciation in house prices suggests that purchasing residential properties could yield solid capital gains over time. Investors should consider targeting single-family homes due to their higher annual appreciation rate.
The robust population growth further bolsters the potential for real estate investments as it drives housing demand. New developments and projects tailored to meet this increasing demand can be particularly lucrative. Additionally, investors might explore opportunities in rental properties given the expanding local workforce and potential for rental income.
3. Future Market Outlook
The future outlook for Cartwright’s real estate market remains optimistic given current trends and demographic indicators. If the population continues to grow at its current pace, housing demand is likely to strengthen, potentially pushing prices upward across both houses and apartments.
Favorable economic conditions and continued investment in infrastructure are essential for sustaining growth. Assuming these factors remain stable or improve, Cartwright’s real estate market could maintain its upward trajectory, offering promising returns for prudent investors.
In conclusion, while no market is without risk, Cartwright presents an appealing profile for both homebuyers and investors alike. Continuous monitoring of economic indicators and staying informed about local developments will be crucial for capitalizing on this market’s potential.
