Dunfield, Newfoundland and Labrador 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 Dunfield, Newfoundland and Labrador, is currently experiencing a stable growth pattern. With a median house price of $500,000 that has risen by 3.5% year-over-year, the market is showing healthy appreciation rates indicative of steady demand. Similarly, the median apartment price stands at $300,000, with a slightly lower but consistent appreciation rate of 2.1% year-over-year.
This growth can be partially attributed to the area’s population increase of 7.1%, which suggests that Dunfield is attracting new residents, likely due to its economic opportunities or lifestyle appeal. This influx of residents is putting upward pressure on property values as housing demand grows.
Investment Opportunities and Potential
For investors looking at Dunfield, the consistent rise in property values presents lucrative opportunities for both short-term gains through property flipping and long-term investment through rental properties. The steady population growth indicates a sustainable demand for housing which could translate into reliable rental income streams.
Given the current trends, investing in apartments might appeal to those seeking lower initial investments with the potential for solid yields from rent increases over time. However, with house prices appreciating at a faster rate than apartments, there is also strong potential for capital gains in the detached home market.
Future Market Outlook
Looking ahead, the future market outlook for Dunfield appears promising. Assuming that current trends continue—moderate but steady appreciation rates coupled with population growth—the market should remain robust.
The sustained population expansion not only supports housing demand but may also stimulate economic development in the region, further bolstering property values. Investors and homeowners in Dunfield could reasonably anticipate continued growth in their property investments provided that local economic factors remain favorable and no major external shocks affect the broader Canadian real estate market.
