Fortune, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $490,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.0% |
| Stock on market | 0.5% |
Apartment
| Median price | $310,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $490,000 |
| 4 bedrooms | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $255,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $460,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,000 |
| Population Change | 5.0% |
| 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 Fortune, Newfoundland and Labrador is currently experiencing steady growth. The median house price stands at $490,000, which has increased by approximately 4% year-over-year. This indicates a stable market with moderate appreciation in property values. Similarly, the median apartment price has seen an increase, reaching $310,000 with a slightly lower growth rate of 2.5% year-over-year. These trends suggest that the market is healthy, with both housing segments showing positive momentum.
The population of Fortune has grown to 15,200 residents, a notable increase of 5%. This demographic change is likely contributing to the demand for housing in the area and may be a driving force behind the observed price trends.
Investment Opportunities and Potential
With the current upward trends in housing prices and population growth, Fortune presents several investment opportunities. The consistent increase in property values indicates that purchasing real estate could yield profitable returns over time. Specifically, the housing market is outpacing the apartment segment in terms of growth, which might make single-family homes more attractive to investors seeking higher capital gains.
For investors looking for rental properties, apartments could be a more accessible entry point due to their lower median price point. Given the population growth and the associated demand for rental accommodations, this segment also offers potential for stable rental income and long-term asset appreciation.
Future Market Outlook
The future market outlook for Fortune appears cautiously optimistic. If current trends continue, we can expect further increases in property values across both houses and apartments. The sustained population growth can be expected to maintain demand for housing, potentially leading to tighter inventory and subsequent price increases.
However, investors should also consider broader economic factors such as employment rates, regional development projects, and interest rate fluctuations when making long-term investment decisions. While local market conditions are favorable at present, these external factors can influence market dynamics significantly over time.
In summary, Fortune’s real estate market shows signs of robust health with reasonable growth rates that signal good prospects for investment. As always with real estate endeavors, due diligence is advised to navigate risks and maximize potential rewards.
