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
Current Market Conditions and Trends
The real estate market in Cartwright, Newfoundland and Labrador, is currently experiencing steady growth. The median house price in the region stands at $500,000, with a year-over-year increase of 3.5%, indicating a healthy upward trend in property values. Similarly, the median apartment price has reached $300,000, experiencing a more modest growth of 2.1% over the same period.
This growth pattern aligns with the overall increase in the local population, which has seen a significant rise of 7.1%. As more people are drawn to Cartwright for its economic opportunities and quality of life, demand for housing has been on the uptick, which is likely contributing to the consistent appreciation in property values.
Investment Opportunities and Potential
For investors considering Cartwright’s real estate market, there appear to be promising opportunities. The steady increase in property values suggests a strong potential for capital gains over time. Single-family homes represent a particularly valuable investment given their higher rate of appreciation at 3.5% year-over-year compared to apartments.
Moreover, the growing population indicates a potential rise in demand for rental properties. Investors may find that purchasing apartments to cater to this segment could provide stable rental income streams alongside long-term value appreciation.
Future Market Outlook
The outlook for Cartwright’s real estate market remains positive based on current trends and demographic data. Assuming that the local economy continues to attract new residents and employment opportunities remain abundant, it is reasonable to expect that the housing market will continue to flourish.
Potential challenges such as economic downturns or shifts in industry could impact these predictions; however, the current data points towards a continued trajectory of growth for both house and apartment prices, albeit at a measured pace.
Investors and homeowners alike should keep an eye on regional developments that could influence these trends, but for now, Cartwright presents itself as a stable market with good prospects for sustainable growth.
