Corbin, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 2.9% |
| Stock on market | 0.7% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $590,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $440,000 |
Demographics
| Current Population (2024) | 15,500 |
| Previous Population (2019) | 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 Corbin, Newfoundland and Labrador currently presents a stable and growing landscape. With a median house price of $485,000, the market has experienced a moderate increase with a year-over-year growth of 2.9%. This suggests that while property values are on the rise, the market is not overheating, which could be beneficial for both buyers looking for long-term value and sellers seeking reasonable gains.
In comparison, the median apartment price stands at $295,000 with a slightly lower growth rate of 1.5% year-over-year. This indicates a steady demand for more affordable, smaller housing units, perhaps driven by singles, couples without children, or downsizing retirees.
The current population of Corbin is approximately 15,500 with a substantial growth rate of 3.3%. This demographic expansion is likely to contribute positively to the demand for housing in both purchase and rental markets.
Investment Opportunities and Potential
In light of the current market conditions, investment opportunities within Corbin appear promising. The consistent rise in property values coupled with a growing population suggests that there will be continued demand for housing. Investors can potentially capitalize on this trend by engaging in both residential purchases for long-term capital appreciation and rental properties to cater to the increasing population.
Furthermore, as the market is not exhibiting extreme spikes in price growth, it provides an approachable entry point for first-time investors or those looking to diversify their portfolios into real estate without taking on excessive risk.
Future Market Outlook
The future outlook for Corbin’s real estate market remains optimistic. Given the healthy population growth rate and current economic indicators, it is reasonable to expect that the demand for housing will persist. If local employment opportunities expand in tandem with population size or if Corbin becomes an attractive location for remote workers due to its lifestyle benefits, these factors could further energize the housing market.
However, potential investors and homeowners should keep an eye on broader economic trends such as interest rates and employment levels within the region which can have significant impacts on affordability and mortgage accessibility.
In summary, while no investment is without risk, Corbin’s real estate market demonstrates solid fundamentals that could offer attractive returns over time.
