Eastport, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| Stock on market | 0.9% |
Apartment
| Median price | $310,000 |
| 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 | $495,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2024) | 15,000 |
| Previous Population (2019) | 14,500 |
| Population Change | 3.4% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,800 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Eastport, Newfoundland and Labrador, is currently experiencing moderate growth. With a median house price of $495,000 and a year-over-year increase of 3.2%, the market is showing steady appreciation. This can be attributed to the area’s robust population growth of 3.4%, which is driving demand for housing in the region.
Similarly, the apartment sector is witnessing a positive trend with the median apartment price standing at $310,000 and growing at a slightly lower rate of 2.5% year-over-year. This suggests that while there is healthy demand for single-family homes, apartments are also gaining traction among certain buyer demographics, such as smaller families, couples, and singles.
Investment Opportunities and Potential
Given the current trends, Eastport offers promising investment opportunities in both the residential housing and apartment markets. The steady price growth indicates a stable market environment where investors can expect consistent value appreciation over time.
In addition to capital gains, rental properties may offer attractive returns due to the increasing population. As more people move into the area, the demand for rental accommodations is likely to rise, potentially leading to higher occupancy rates and rental yields for investors.
Developers could also capitalize on the need for new housing stock brought about by the population increase. There may be opportunities to develop new residential projects or renovate existing properties to cater to the evolving needs of residents.
Future Market Outlook
The future market outlook for Eastport’s real estate appears optimistic. The continuous population growth serves as a strong indicator of sustained demand for housing in both purchase and rental markets. If economic conditions remain favorable and interest rates stable, Eastport could maintain its growth trajectory.
However, potential investors should be mindful of external factors such as changes in provincial or federal housing policies, shifts in economic conditions, or fluctuations in interest rates that can impact buyer affordability and influence market dynamics.
In conclusion, Eastport’s real estate market shows signs of healthiness with gradual price increases and robust population growth. Investors considering this market should conduct thorough due diligence but can feel relatively confident about its potential for steady returns over time.
