Eastport, 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 | $450,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $650,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $250,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $470,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 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 Eastport, Newfoundland and Labrador is currently characterized by a steady increase in property values. The median house price in the area stands at $500,000, reflecting a year-over-year growth rate of 3.5%. This suggests that the market is experiencing a moderate but consistent appreciation in home values. Similarly, the median apartment price is $300,000 with a growth trend of 2.1% over the last year.
This measured growth indicates a stable market without the volatility seen in some other regions. With a significant population increase of 7.1%, demand for housing continues to rise, which may further drive market prices upward in the near future.
Investment Opportunities and Potential
The positive trends in property value appreciation combined with substantial population growth position Eastport as an attractive locale for real estate investment. Investors looking to purchase properties may find single-family homes particularly appealing due to their higher year-over-year price increase compared to apartments.
Moreover, the strong population growth implies potential for rental investments as more people may be seeking homes in the area. Given the current trends, rental properties could benefit from increasing rental demand, potentially yielding favorable returns on investment through both capital gains and rental income.
Future Market Outlook
Looking ahead, Eastport’s real estate market is poised for continued growth. The combination of consistent property value appreciation and robust population expansion suggests that demand will remain high. Assuming no major economic disruptions occur, we can anticipate ongoing growth in both house and apartment prices.
Investors should monitor local developments such as infrastructure projects or changes in zoning laws, as these factors could influence future market conditions. Nonetheless, current indicators point towards a promising horizon for Eastport’s housing market, making it an appealing destination for both homebuyers and investors alike.
