Charleston, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 2.8% |
| Stock on market | 0.7% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.0% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $425,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $575,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $330,000 |
| 3 bedrooms | $420,000 |
Demographics
| Current Population (2025) | 15,500 |
| Previous Population (2020) | 15,000 |
| Population Change | 3.3% |
| 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
The real estate market in Charleston, Newfoundland and Labrador is currently experiencing a period of moderate growth. With a median house price of $485,000, which has seen a year-over-year increase of 2.8%, the market is showing healthy signs of appreciation. Similarly, the median apartment price stands at $295,000, with a slightly lower growth trend at 2% year-over-year. These statistics suggest that the housing market is on an upward trajectory, albeit at a sustainable pace.
The area’s population growth of 3.3% indicates a burgeoning demand for housing as more people are attracted to Charleston’s offerings. The current population has reached approximately 15,500 residents, further supporting the real estate demand in this region.
Investment Opportunities and Potential
The steady increase in property values coupled with consistent population growth points to strong investment opportunities in Charleston. Residential properties, particularly houses that have shown higher appreciation rates, present appealing prospects for long-term capital gains. Moreover, the growing population suggests a likely rise in rental demand, potentially yielding favorable returns for buy-to-let investors.
With apartment prices experiencing a gentler rise, entry-level investors or those looking for lower-cost investment opportunities might find apartments an attractive option. The stable price trend also implies reduced investment risk while still benefiting from the area’s overall positive economic indicators.
Future Market Outlook
The future outlook for Charleston’s real estate market is optimistic. Factors such as continued population growth and consistent property value increases contribute to a positive forecast. If these trends maintain their course, Charleston could see sustained or possibly accelerated property appreciation over the coming years.
However, potential investors should remain vigilant regarding broader economic conditions and local developments that could impact the real estate market. Infrastructure projects, changes in employment rates, and regional policies will be key elements influencing future market dynamics.
In conclusion, Charleston’s real estate market presents an attractive landscape for both homebuyers and investors. Maintaining awareness of ongoing trends and demographic shifts will be crucial for making informed decisions in this evolving market.
