Epworth, 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 Epworth, Newfoundland and Labrador is currently experiencing a period of steady growth. The median house price in the area stands at $500,000, marking a 3.5% increase year-over-year. This suggests a healthy demand for housing and a robust market that continues to grow at a sustainable rate. Similarly, the median apartment price has reached $300,000, with a more modest yet positive trend of 2.1% growth year-over-year. The consistent rise in property values indicates sustained investor confidence and a competitive market environment.
Investment Opportunities and Potential
Investment opportunities within the Epworth real estate market are promising due to the town’s population growth of 7.1%, which is substantially higher than many other regions. This demographic expansion can be attributed to the town’s developing economy and lifestyle appeal, potentially leading to increased demand for both rental and owner-occupied properties. Given the current price trends, investors can anticipate continued appreciation in property values, offering potential for capital gains over the medium to long term.
For those interested in rental properties, the growing population also suggests that there could be an increasing demand for rental housing, possibly leading to higher rental yields. Investors should consider diversifying their portfolio with both houses and apartments to cater to different segments of the market.
Future Market Outlook
The future outlook for Epworth’s real estate market remains optimistic. The ongoing population growth combined with current economic indicators suggests that the demand for housing will continue to rise. Assuming that local economic conditions remain favorable and infrastructure development keeps pace with population growth, it is likely that both the house and apartment markets will maintain their upward trajectory.
However, prospective investors should also be mindful of broader economic trends and potential changes in interest rates which could influence buyer affordability and impact market dynamics. Maintaining vigilance on these external factors will be key in making informed investment decisions in Epworth’s evolving real estate landscape.
