Cavendish, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.0% |
| Stock on market | 0.7% |
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 | $385,000 |
| 3 bedrooms | $495,000 |
| 4 bedrooms | $610,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $345,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,500 |
| Population Change | 4.8% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
In Cavendish, Newfoundland and Labrador, the real estate market is currently experiencing a steady growth. The median house price stands at $495,000, marking a year-over-year increase of 4%. This indicates a sustained demand for housing in the area, which may be influenced by factors such as local economic conditions and demographic changes. The market for apartments is also growing, albeit at a slightly slower pace, with the median apartment price at $295,000 and an annual appreciation of 2.5%. Considering the population has grown by 4.8% to reach 15,200 residents, the real estate demand is likely to remain robust due to new residents seeking accommodation.
Investment Opportunities and Potential
The current growth trends in Cavendish’s real estate market present several investment opportunities. The consistent increase in house prices suggests that purchasing residential property could yield positive returns through capital appreciation over time. Additionally, the burgeoning population, now standing at 15,200 with a growth rate of 4.8%, may lead to higher demand for rental properties. Investors could potentially benefit from both long-term equity gains and rental income by investing in both sectors of the market—houses and apartments.
Future Market Outlook
The future outlook for Cavendish’s real estate market appears optimistic based on the data available. With a steady increase in median prices for both houses and apartments and a significant population growth rate, it is reasonable to anticipate continued demand for housing in the area. If current economic conditions persist and the population continues to expand at the current or higher rate, it is likely that the real estate market will continue to experience upward momentum. However, investors should also consider macroeconomic factors and potential shifts in local industry or employment rates which could impact future market conditions.
