Coverdale, New Brunswick Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.8% |
| Stock on market | 0.7% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $410,000 |
| 3 bedrooms | $495,000 |
| 4 bedrooms | $610,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $440,000 |
Demographics
| Current Population (2024) | 15,200 |
| Previous Population (2019) | 14,000 |
| Population Change | 5.0% |
| 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 Coverdale, New Brunswick is currently experiencing steady growth. The median house price stands at $495,000, which marks a 3.8% increase from the previous year. This growth indicates a healthy demand for housing in the area, reflecting both local economic stability and an influx of new residents. Similarly, the median apartment price has seen an uptick to $295,000, growing at a slightly lower rate of 2.5% year-over-year. This suggests that smaller dwellings such as apartments are also in demand but may be facing a more balanced market compared to houses.
The population of Coverdale has been on the rise with a notable growth of 5%, pushing the total to approximately 15,200 residents. The increase in population often correlates with heightened real estate activity as newcomers seek housing, which may partly explain the observed price trends.
Investment Opportunities and Potential
The current growth trajectory of Coverdale’s real estate market presents various investment opportunities. Investors can anticipate potential gains from both house and apartment markets due to their respective year-over-year price increases. With houses showing stronger price growth, they may offer higher capital appreciation potential in comparison to apartments.
In addition to appreciation prospects, investors should consider the demographic trends driving demand. As the population continues to grow, rental properties could become increasingly desirable. Thus, purchasing residential properties to rent out could be a strategic move for those looking to capitalize on the market’s expansion.
Future Market Outlook
The future of Coverdale’s real estate market looks promising based on current indicators. The consistent population growth suggests that demand for housing will continue to rise. If this trend persists, one can expect further increases in property values and rental rates over time.
However, investors and homebuyers should monitor potential shifts in economic conditions or housing policies that could impact the market dynamics. It’s also important to note that while historical trends can provide insights, they do not guarantee future performance. A prudent approach would be to stay informed on both local developments and broader economic factors that might influence Coverdale’s housing market going forward.
