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Flatrock, Newfoundland and Labrador Real Estate Market Data

Updated: Nov 2024

House

Median price $495,000
Monthly growth 1.1%
Quarterly trend 3.3%
Stock on market 0.7%

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 $410,000
3 bedrooms $495,000
4 bedrooms $610,000

Apartments

Bedrooms Median Price
1 bedrooms $240,000
2 bedrooms $345,000
3 bedrooms $450,000

Demographics

Current Population (2025) 15,200
Previous Population (2020) 14,500
Population Change 4.8%
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 in Flatrock, Newfoundland and Labrador

The real estate market in Flatrock, Newfoundland and Labrador, is currently experiencing steady growth. With a median house price of $495,000, the market has seen a 3.3% increase year-over-year. This suggests a stable housing market that is growing at a moderate pace. In contrast, the median apartment price stands at $295,000, with a slower growth rate of 2.5% year-over-year. The divergence in growth rates between houses and apartments may indicate a stronger demand for single-family homes or a potential oversupply in the apartment sector.

The population of Flatrock has seen significant growth at a rate of 4.8%, which is likely contributing to the demand for housing in the area. This demographic trend can be an important driver for future real estate market activity as an increasing population typically translates into higher housing demand.

Investment Opportunities and Potential in Flatrock

Given the steady increase in property values and the robust population growth, Flatrock presents promising investment opportunities. The continuous growth suggests that there is ongoing demand for properties, which could lead to long-term appreciation in real estate values. Investors may find particular value in single-family homes due to their higher growth rate compared to apartments.

With the current trends, rental properties could also be an attractive option for investors. The growing population may result in a higher demand for rental accommodations, potentially leading to favorable rental yields. However, prospective investors should conduct thorough research on local zoning laws, property taxes, and rental regulations before making any investment decisions.

Future Market Outlook for Flatrock

The future market outlook for Flatrock appears optimistic based on current trends. The consistent rise in property prices coupled with strong population growth suggests that the demand for housing will likely continue to increase. Assuming that economic conditions remain stable and supportive of the real estate market’s growth, both house and apartment prices may continue to rise at a sustainable pace.

However, it is essential to monitor factors such as employment rates, interest rates, and regional economic development initiatives as they can significantly impact the real estate market’s trajectory. Overall, if the current trends persist, Flatrock’s real estate market should maintain its upward momentum providing positive prospects for homeowners and investors alike.

In conclusion, while there are positive indicators suggesting healthy market conditions in Flatrock, potential investors and homebuyers should keep abreast of local developments and broader economic conditions that can affect real estate markets.