Fairfield, New Brunswick 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 Fairfield, New Brunswick presents a stable environment with moderate year-over-year growth. The median house price currently stands at $500,000, with a healthy appreciation rate of 3.5%. This suggests a steady demand for housing and a robust local economy that supports real estate values.
In contrast, the median apartment price is significantly lower at $300,000. The trend for apartment prices has increased at a more modest pace of 2.1% year-over-year. This indicates that smaller residential units are also in demand but might be experiencing slightly softer market conditions compared to houses.
The population of Fairfield is approximately 15,000 and has seen an impressive growth rate of 7.1%, which may contribute to the sustained demand for housing across all segments.
Investment Opportunities and Potential
Given the population growth and consistent appreciation in property values, Fairfield offers tangible investment opportunities. Single-family homes represent a strong investment potential due to their higher rate of appreciation. Investors could expect continued capital gains in this segment based on current trends.
Apartments offer a lower entry point into the real estate market and have potential as rental properties given the population increase. However, investors should note the slower appreciation trend when projecting long-term capital gains for apartments.
The ongoing population growth also points to potential development opportunities for both residential and mixed-use properties to meet the increasing demand for housing and services.
Future Market Outlook
The future outlook for Fairfield’s real estate market remains positive. With a robust population growth rate that outpaces many other regions, it is likely that both the demand for housing and property values will continue to rise. The consistent appreciation in both house and apartment prices suggests that the market will remain favorable for sellers while providing good opportunities for buyers looking for long-term investments.
Investors should keep an eye on economic drivers such as employment rates, new infrastructure projects, and local government policies, as these factors will play significant roles in shaping the future landscape of Fairfield’s real estate market.
