Foxtrap, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $510,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| Stock on market | 0.8% |
Apartment
| Median price | $305,000 |
| 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 | $510,000 |
| 4 bedrooms | $610,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $460,000 |
Demographics
| Current Population (2024) | 15,500 |
| Previous Population (2019) | 15,000 |
| Population Change | 3.3% |
| 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 Foxtrap, Newfoundland and Labrador, is characterized by steady growth. The median house price stands at $510,000, showing a year-over-year increase of 3.2%. This suggests a stable demand for single-family homes in the area. Similarly, apartments are experiencing growth with a median price of $305,000, which indicates an increase of 2.5% compared to the previous year.
With a population of approximately 15,500 that has grown by 3.3%, there is continued demand for housing driven by demographic factors. The consistent population growth supports the positive trends observed in the housing market and points to a healthy local economy that could sustain further real estate investments.
Investment Opportunities and Potential
The data suggests Foxtrap is an attractive location for both residential and rental property investments. The steady increase in property values offers the potential for capital appreciation over time. Investors looking to acquire properties for long-term equity growth or rental income can find opportunities in this market.
The moderate price trend for apartments could be particularly appealing to investors interested in the lower end of the market or seeking to cater to singles and small families who may prefer more affordable living options.
Future Market Outlook
The future outlook for Foxtrap’s real estate market appears promising due to ongoing population growth and stable economic conditions. If current trends continue, we can expect gradual and sustained increases in property values across both houses and apartments.
The local government’s commitment to fostering economic development may also contribute positively to the real estate market by attracting new residents and sustaining demand for housing.
In conclusion, Foxtrap presents a potentially strong investment opportunity with consistent market trends predicting continued steady growth. Investors should monitor local economic indicators and stay informed of any new developments that may impact the real estate market moving forward.
