Dover, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 4.0% |
| Stock on market | 0.7% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $425,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $565,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $330,000 |
| 3 bedrooms | $410,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,800 |
| Population Change | 2.7% |
| Total Private Dwellings | 6,100 |
| 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 Dover, Newfoundland and Labrador is currently experiencing a period of moderate growth. The median house price in the area is currently at $485,000, reflecting a year-over-year increase of 4%. This indicates a sustained but measured appreciation in property values, which has been consistent with the broader trends observed across many Canadian markets.
Similarly, the median apartment price has risen to $295,000, with a year-over-year increase of 2.5%. This slower growth rate compared to houses suggests that apartments are becoming an increasingly attractive option for those looking for more affordable housing or investment opportunities. The population of Dover has also grown by 2.7%, signaling a healthy demand for housing driven by demographic growth.
Investment Opportunities and Potential
Given the steady rise in property values, Dover presents itself as a stable market for real estate investment. The solid growth in house prices indicates the potential for capital gains over the long term. With the trend showing a gradual increase rather than rapid inflation, investors might foresee a lower risk of market volatility.
Apartments offer an attractive entry point for first-time investors or those looking to diversify their portfolio with more liquid assets. With the population continuing to grow, rental demand is likely to rise, suggesting that apartment owners could benefit from both capital appreciation and rental income streams.
As Dover’s economy diversifies and its population expands, there may be additional opportunities in developing new residential properties or renovating existing ones to cater to changing consumer preferences.
Future Market Outlook
The future market outlook for Dover appears cautiously optimistic. Population growth is expected to sustain demand for housing, while economic factors will continue influencing affordability and investment attractiveness. If current trends persist, both the house and apartment markets should maintain their upward trajectory, albeit at a sustainable pace that mitigates the risk of an overheated market.
Investors should monitor economic indicators such as employment rates, income levels, and migration patterns closely as they can impact market dynamics significantly. Moreover, keeping an eye on regional development plans and infrastructure projects can provide insights into areas poised for higher growth or improved accessibility that may enhance property values over time.
In conclusion, Dover’s real estate market presents opportunities that are underlined by steady growth and demographic expansion. While vigilance is always advisable when navigating any property market, current trends suggest that Dover offers both stability for conservative investors and potential for those seeking long-term gains.
