Fairhaven, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.0% |
| Stock on market | 0.9% |
Apartment
| Median price | $295,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $590,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $440,000 |
Demographics
| Current Population (2024) | 15,200 |
| Previous Population (2019) | 14,600 |
| Population Change | 4.1% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Fairhaven, Newfoundland and Labrador is currently experiencing steady growth. With a median house price of $485,000, the market has seen a year-over-year increase of 4%. This suggests a healthy demand for housing and a competitive environment for potential homebuyers. In contrast, the apartment sector is slightly less dynamic, with a median price of $295,000 and a growth trend of 2.5% over the past year. This could indicate a more stable or saturated apartment market compared to single-family homes.
The population of Fairhaven stands at 15,200 residents, which has increased by an impressive 4.1%. This growth can contribute to the demand for housing and may be one of the factors driving the current positive trends in property values.
Investment Opportunities and Potential
Given the current trajectory of the Fairhaven real estate market, there are several investment opportunities worth considering. The consistent rise in house prices indicates that purchasing residential property could yield appreciable capital gains over time. Investors may want to focus on single-family homes due to their higher appreciation rate compared to apartments.
Despite apartments having a lower appreciation rate, they still present an opportunity for investors looking for more affordable entry points into the real estate market or seeking rental income properties. The growing population may also contribute to an increased demand for rental units, potentially leading to higher occupancy rates and rental yields for investors.
Future Market Outlook
The future outlook for Fairhaven’s real estate market remains optimistic. The ongoing population growth is likely to continue fueling demand for housing in both the purchase and rental sectors. If the current trends persist, we can expect further moderate increases in property values across various types of residential real estate.
However, potential investors and homebuyers should be aware of external economic factors that could affect the market. Interest rate changes, employment rates, and broader economic conditions can all influence real estate markets significantly. Monitoring these factors will be crucial in assessing the long-term stability and profitability of investments in Fairhaven’s real estate.
