Fairhaven, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
Median price | $485,000 |
Monthly growth | 1.1% |
Quarterly trend | 2.9% |
Stock on market | 0.7% |
Apartment
Median price | $295,000 |
Monthly growth | 0.8% |
Quarterly trend | 1.8% |
Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
Bedrooms | Median Price |
---|---|
2 bedrooms | $420,000 |
3 bedrooms | $485,000 |
4 bedrooms | $575,000 |
Apartments
Bedrooms | Median Price |
---|---|
1 bedrooms | $240,000 |
2 bedrooms | $340,000 |
3 bedrooms | $430,000 |
Demographics
Current Population (2025) | 15,000 |
Previous Population (2020) | 14,500 |
Population Change | 3.4% |
Total Private Dwellings | 6,100 |
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, currently presents a stable growth environment. With the median house price at $485,000 and experiencing a modest year-over-year increase of 2.9%, the market is showing signs of steady appreciation without the volatility seen in many other regions. Similarly, the median apartment price stands at $295,000, with a slightly lower year-over-year growth rate of 1.8%. This indicates a balanced market for both houses and apartments.
The population of Fairhaven has been growing at a healthy rate of 3.4%, which sits above national averages for similar-sized communities. This increase in residents is likely contributing to the consistent demand for housing and can be considered as one of the driving factors for the positive price trends observed.
Investment Opportunities and Potential
Investment opportunities in Fairhaven are promising due to several factors. The continuous population growth suggests an ongoing demand for rental properties, making it favorable for investors looking to enter the landlord market or expand their existing portfolios. Given that both housing and apartment prices are increasing at sustainable rates, investors can anticipate capital gains over time while also potentially earning rental income.
Moreover, since the increases in property values are not overly aggressive, there is less risk of a sudden market correction that could erode investment value quickly. This positions Fairhaven as an attractive option for long-term investors who prioritize stability and gradual appreciation.
Future Market Outlook
The future outlook for Fairhaven’s real estate market appears positive based on current trends and demographic dynamics. If the population continues to grow at or near its current rate, demand for housing should remain strong, supporting both the rental and purchase markets.
However, prospective investors and homeowners should remain attentive to broader economic conditions that could affect interest rates, employment levels in the region, and other external factors such as provincial or federal government policies impacting real estate markets. Overall though, given Fairhaven’s current trajectory, there is cautious optimism for continued health within its real estate sector.