Dover, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 2.8% |
| Stock on market | 0.8% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.9% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $415,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $590,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $335,000 |
| 3 bedrooms | $425,000 |
Demographics
| Current Population (2025) | 15,500 |
| Previous Population (2020) | 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 Dover, Newfoundland and Labrador is experiencing steady growth. The median house price currently stands at $485,000, which marks a 2.8% year-over-year increase. This increment indicates a consistent upward trend in the housing market, suggesting stable demand and a positive economic environment in the region. Similarly, the apartment sector is showing modest growth with the median apartment price at $295,000, reflecting a 1.9% year-over-year increase. This slower growth rate compared to houses may reflect a difference in demand dynamics between these two types of properties within the market.
Furthermore, Dover’s population has increased by 3.33%, which currently stands at approximately 15,500 residents. This population growth likely contributes to the demand for housing and could be a driving factor behind the observed price trends.
Investment Opportunities and Potential
The positive trends in Dover’s real estate market indicate that there are investment opportunities for both residential houses and apartments. The steady year-over-year price increases suggest that investments in property could yield favorable returns over time if these trends continue. With the median house prices being significantly higher than that of apartments, investors might find more potential for capital gains in single-family homes.
However, apartments offer a lower barrier to entry for investment and might be particularly appealing for those looking to enter the market without committing to the higher cost associated with houses. Additionally, as population growth continues, there may be an increased demand for rental properties, which could make owning apartments an attractive option for generating rental income.
Future Market Outlook
The future outlook of Dover’s real estate market remains optimistic based on current trends and demographic data. Population growth is expected to sustain or possibly increase housing demand. The consistent appreciation of property values suggests a stable investment climate going forward.
Investors should monitor factors such as local economic developments, interest rates, and government policies affecting homeownership as they can impact future market conditions. Given Dover’s current trajectory alongside regional economic forecasts, the real estate market is poised to remain resilient with potential for continued growth both in terms of property values and investment opportunities.
