Clarenville, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $499,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| Stock on market | 0.7% |
Apartment
| Median price | $289,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.9% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $499,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $320,000 |
| 3 bedrooms | $420,000 |
Demographics
| Current Population (2024) | 15,000 |
| Previous Population (2019) | 14,500 |
| Population Change | 3.5% |
| Total Private Dwellings | 6,000 |
| 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 Clarenville, Newfoundland and Labrador, presents a dynamic landscape with a median house price of $499,000, reflecting a steady growth of 3.2% year-over-year. This increment signifies a robust market that is likely attracting both end-users and investors. On the other hand, apartments are showing a slightly more modest increase in value, with a median price of $289,000 and an uptrend of 1.9% year-over-year. These conditions suggest that while single-family homes are experiencing higher demand and appreciation rates, apartments are also gaining value at a stable pace.
Investment Opportunities and Potential
Given the positive year-over-year trends in property values, investment opportunities within Clarenville appear promising. The relatively lower median apartment price compared to houses indicates there is potential for investors to enter the market at a more accessible point while still benefiting from the overall market growth. Additionally, with the population growing at 3.45%, demand for housing is expected to continue rising, which may drive further appreciation in property values and bolster rental market prospects.
Future Market Outlook
The future outlook for Clarenville’s real estate market remains optimistic as continuous population growth will likely spur demand for housing. The current positive trend in property prices suggests that the market is resilient and expected to maintain its upward trajectory. While external factors such as changes in interest rates, economic conditions, and government policies could affect market dynamics, the existing data points towards a healthy growth pattern for Clarenville’s real estate over the coming years.
