Garnish, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $525,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.0% |
| Stock on market | 0.6% |
Apartment
| Median price | $315,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $425,000 |
| 3 bedrooms | $525,000 |
| 4 bedrooms | $650,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $480,000 |
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 Garnish, Newfoundland and Labrador, is currently experiencing a steady increase in property values. The median house price in the area is $525,000, reflecting a year-over-year growth of 4%. This increment indicates a healthy demand for detached homes, likely influenced by both local factors and broader provincial trends.
Similarly, the apartment sector has shown positive movement with the median apartment price reaching $315,000 and a year-over-year appreciation of 2.5%. This more modest increase suggests that while there is growth in the multifamily dwelling segment, it is not as robust as that of single-family homes.
The population of Garnish stands at 15,500 residents with an impressive growth rate of 3.3%. This demographic expansion supports the ongoing demand for housing and suggests that the market is being driven by genuine residential needs rather than speculative investment.
Investment Opportunities and Potential
The consistent rise in property values coupled with robust population growth presents promising investment opportunities in Garnish. The stronger performance of detached houses indicates a particular opportunity for investors looking to capitalize on single-family properties which are in higher demand.
The slower yet steady growth rate in the apartment market also points to potential for long-term investment strategies focused on rental income. Given the population increase, demand for rental properties is likely to remain strong, offering stable returns for investors interested in multifamily dwellings.
In addition to residential real estate, the growing population may lead to opportunities in commercial real estate development or renovation projects aimed at accommodating new residents and businesses.
Future Market Outlook
Looking forward, the real estate market in Garnish appears poised for continued growth. With a robust population increase serving as a catalyst for housing demand, it’s reasonable to expect that property values will maintain their upward trajectory over the short to mid-term horizon. Should economic conditions remain favorable and interest rates stable, this trend is likely to persist.
Given these indicators, investors could benefit from entering the market sooner rather than later to take advantage of future appreciation. However, it is crucial for stakeholders to stay informed about local developments that could influence market dynamics, such as changes in employment rates or government housing policies.
In conclusion, Garnish’s real estate market holds significant potential for both homebuyers and investors due to its encouraging demographic trends and consistent property value appreciation. Stakeholders should monitor key economic indicators closely while considering long-term strategies aligned with ongoing growth patterns.
