Ferryland, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
Median price | $489,000 |
Monthly growth | 1.1% |
Quarterly trend | 3.8% |
Stock on market | 0.6% |
Apartment
Median price | $295,000 |
Monthly growth | 0.8% |
Quarterly trend | 2.5% |
Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
Bedrooms | Median Price |
---|---|
2 bedrooms | $425,000 |
3 bedrooms | $489,000 |
4 bedrooms | $575,000 |
Apartments
Bedrooms | Median Price |
---|---|
1 bedrooms | $240,000 |
2 bedrooms | $325,000 |
3 bedrooms | $420,000 |
Demographics
Current Population (2025) | 15,000 |
Previous Population (2020) | 14,800 |
Population Change | 1.4% |
Total Private Dwellings | 6,300 |
Occupied Private Dwellings | 5,800 |
Population Density (per km²) | 1.6 |
Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Ferryland, Newfoundland and Labrador, is currently experiencing a steady growth trend. The median house price in the area stands at $489,000, which represents a year-over-year increase of 3.8%. This growth indicates a healthy demand for homes in the region and is reflective of broader national trends where housing prices have been on the rise.
Apartments in Ferryland are also seeing an upward trend with the median price reaching $295,000, which marks a 2.5% increase from the previous year. Such moderate but consistent growth points to a stable market for smaller residential properties and may attract buyers looking for more affordable entry points into the real estate market.
The population of Ferryland is approximately 15,000 residents with a growth rate of 1.35%. Population growth is a critical driver for housing demand, and this steady increase suggests that demands for housing will continue to rise, potentially pushing property values up further if the supply doesn’t keep pace.
Investment Opportunities and Potential
Ferryland’s real estate market offers attractive investment opportunities due to its steady growth in property values. Investors may find particular potential in single-family homes given their stronger year-over-year price increase compared to apartments. The solid population growth rate presents an opportunity to cater to new residents looking for long-term housing.
Given the town’s modest population size and growth rate, investors might also consider the development of new residential units or the renovation of existing properties to meet the demand from both locals and newcomers. With a controlled approach to supply management, there’s potential to maintain or even enhance property value appreciation over time.
Future Market Outlook
Looking forward, Ferryland’s real estate market appears poised for continued growth. The consistent upward trajectory in house and apartment prices suggests that there is ongoing confidence in the market. Should economic conditions remain stable and population growth continues at its current or an accelerated rate, it is reasonable to anticipate further appreciation in property values.
The key factor that could impact this outlook would be changes in local economic drivers or shifts in national economic policy affecting mortgage rates and lending criteria. However, barring any drastic changes, Ferryland’s real estate market seems well-positioned for sustained health and offers promising opportunities for investors and homebuyers alike.