Clarenville, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.3% |
| 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 | $385,000 |
| 3 bedrooms | $495,000 |
| 4 bedrooms | $625,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2024) | 15,100 |
| Previous Population (2019) | 14,000 |
| Population Change | 7.9% |
| Total Private Dwellings | 6,100 |
| Occupied Private Dwellings | 5,600 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Clarenville, Newfoundland and Labrador is currently experiencing a phase of modest growth. With a median house price of CA$495,000, the market has seen a year-over-year increase of 3.3% in house prices. This trend suggests a steady demand for housing in the area, likely fueled by the region’s positive economic and demographic indicators.
The apartment sector is also witnessing growth, albeit at a slightly slower pace with a 2% year-over-year increase, bringing the median apartment price to CA$295,000. This price movement reflects sustained interest in more affordable and versatile living spaces, which are attractive to both first-time buyers and downsizing demographics.
Investment Opportunities and Potential
The consistent growth in property values, coupled with Clarenville’s population growth of 7.9%, indicates that there is robust investment potential in the local real estate market. Investors can potentially capitalize on the increasing demand for residential properties driven by the expanding population. The steady appreciation of house and apartment prices also hints at a stable investment environment where assets are likely to maintain or increase their value over time.
Moreover, given that the price increments for houses and apartments have remained moderate, there is still room for entry-level investors to participate in the market without facing excessively high entry barriers. Properties such as multi-unit residential buildings may offer investors opportunities for rental income, while the growing population suggests a potential for long-term capital gains as demand for housing could continue to rise.
Future Market Outlook
Based on current data and trends, the outlook for Clarenville’s real estate market remains cautiously optimistic. If population growth continues at its current rate or accelerates due to local economic factors such as employment opportunities or lifestyle attractions, it is reasonable to expect that demand for housing will remain strong.
As long as economic conditions remain favorable, with low-interest rates and supportive government policies for homeownership and development, Clarenville’s real estate market is positioned for ongoing growth. However, prospective investors should be aware of macroeconomic factors that could impact the market such as shifts in provincial or federal economic policies or unexpected global economic events.
