Charleston, 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 Charleston, Newfoundland and Labrador, is currently experiencing moderate growth. With a median house price of $500,000 and a year-over-year increase of 3.5%, the market demonstrates steady appreciation. Similarly, the median apartment price stands at $300,000 with a 2.1% annual growth rate. These trends suggest a stable housing market that is steadily becoming more valuable over time.
Charleston’s population of 15,000 has recently seen a significant increase of 7.1%. This population growth can contribute to a higher demand for housing, which may result in accelerated price increases if the supply does not keep up with the demand.
Investment Opportunities and Potential
The stable growth in property values indicates that Charleston presents promising investment opportunities. The consistent rise in prices for both houses and apartments suggests that investments made now have the potential for capital gains in the medium to long term. Additionally, the robust population growth can lead to increased rental demand, potentially yielding attractive returns for buy-to-let investors.
Given that the increase in property values is moderate rather than sharp, investors may also have an opportunity to enter the market without being priced out. This balanced growth ensures that while investment risks are present as with any real estate market, they may be mitigated by careful planning and strategy.
Future Market Outlook
The future outlook for Charleston’s real estate market appears positive. The sustained population growth should continue driving housing demand upwards. If new construction does not match this growing need for housing, it could lead to further price escalations due to competition among buyers.
However, it is essential for investors to consider economic factors such as employment rates, local industry performance, and interest rates that could influence the real estate market’s trajectory. Assuming these economic variables remain favorable or improve, Charleston’s real estate market could see ongoing value appreciation and investment appeal.
