Cornhill, New Brunswick 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 (2024) | 15,000 |
| Previous Population (2019) | 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 Cornhill, New Brunswick, is currently experiencing a period of steady growth. The median house price stands at $500,000, which indicates a year-over-year increase of 3.5%. This trend suggests a healthy demand for houses in the area, likely driven by factors such as local economic stability and the appeal of living in Cornhill.
Similarly, the apartment market is also on an upward trajectory with a median price of $300,000, marking a 2.1% year-over-year increase. These consistent price trends point to a balanced market that is growing at a sustainable pace, ensuring that investment in residential properties remains attractive to potential buyers and investors alike.
The population growth rate of 7.1% for the town’s 15,000 residents further underscores the increasing demand for housing. This demographic expansion can be attributed to both natural growth and migration inflows, which are expected to continue driving the housing market forward.
Investment Opportunities and Potential
The current trends in Cornhill indicate several promising investment opportunities. The ongoing rise in property values provides an opportunity for capital gains over the medium to long term. Investors looking to enter the market might consider leveraging the growth in both house and apartment prices to build equity or generate rental income.
In light of the population increase, there is potential for new development projects to meet the rising demand for housing. Strategic investments in multi-family dwellings or apartment complexes could cater to both new residents and locals looking to downsize or find more affordable living options.
Given that both housing sectors are appreciating at different rates, investors have the flexibility to diversify their portfolios by investing across different types of properties, thereby mitigating risks while capitalizing on growth across the board.
Future Market Outlook
The outlook for Cornhill’s real estate market remains positive given the robust population growth and consistent property value appreciation. Assuming these trends continue, one can reasonably expect ongoing increases in property values. However, it is important to note that external economic factors and changes in national housing policies could influence future market conditions.
The sustained population growth will likely keep demand for housing strong. Nevertheless, potential investors should monitor interest rate trends and economic indicators closely as they can impact buyer affordability and influence market dynamics.
To conclude, Cornhill presents itself as an appealing location for real estate investment with its favorable market conditions. Both current trends and future projections suggest it is poised for continued growth, making it an attractive option for those looking to invest in New Brunswick’s property market.
