Gallants, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 2.8% |
| Stock on market | 0.6% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.7% |
| 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 | $550,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $325,000 |
| 3 bedrooms | $425,000 |
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 Gallants, Newfoundland and Labrador is currently experiencing moderate growth. With the median house price situated at $485,000, the market has seen a year-over-year increase of 2.8%. This steady rise indicates a healthy demand for detached homes in the area. The median apartment price stands at $295,000, displaying a slower yet consistent growth trend with a 1.8% year-over-year increase. These figures suggest that while the market is expanding, it maintains stability and avoids rapid inflation that could lead to affordability issues.
Investment Opportunities and Potential
The sustained growth trend presents several investment opportunities within Gallants’ real estate sector. Given the current population of 15,500 which has risen by 3.3% recently, there is potential for both residential and commercial development to meet increasing housing demands and serve a growing community. The moderate yet steady appreciation in property values indicates room for capital gains over time for investors who enter the market now. Additionally, as new residents move in seeking accommodation, rental properties—especially apartments at their accessible price point—could offer consistent returns on investment through rental income.
Future Market Outlook
The future outlook of Gallants’ real estate market appears positive. Population growth is a strong indicator of future demand for housing, and with a 3.3% increase in population, it’s reasonable to anticipate continued demand for residential properties. If current trends hold, investors can expect further steady increases in property values both for houses and apartments, making long-term investments particularly appealing. However, it’s important to monitor economic factors such as employment rates and regional development projects which could impact market conditions moving forward.
