Georgetown, 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 | 0.8% |
| Quarterly trend | 1.9% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $420,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,800 |
| Population Change | 2.7% |
| 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 Georgetown, Newfoundland and Labrador, is currently experiencing a steady growth phase. With a median house price of $485,000, we’ve seen an upward trend of 2.8% year-over-year, suggesting a stable market with consistent demand. Similarly, the median apartment price has increased to $295,000, marking a 1.9% rise year-over-year. This moderate growth may be attributed to the overall economic stability in the region and the gradual influx of new residents, as indicated by the population growth rate of 2.7%. This population expansion can lead to increased demand for housing in both the private sale and rental markets.
Investment Opportunities and Potential
Georgetown’s real estate market offers promising investment opportunities. The steady increase in property values indicates a healthy market that could provide long-term capital gains for investors. Given the sustained population growth, demand for housing is likely to remain robust, which should keep vacancy rates low and support rental income stability for investment properties.
Moreover, the market’s upward trajectory suggests that now may be an opportune time to invest in residential real estate before prices potentially rise further. Investors might also consider diversifying their portfolios by exploring various segments within the market, including single-family homes, apartments, or multi-unit residential buildings.
Future Market Outlook
Looking ahead, the future market outlook for Georgetown appears cautiously optimistic. The consistent increase in median house and apartment prices points towards continued growth; however, it is modest enough to maintain affordability relative to many other Canadian markets. The positive population trend will likely fuel this growth further as more people seek housing in the area.
There are several factors that could influence this outlook including economic diversification efforts in Newfoundland and Labrador, interest rate changes by financial institutions, and local developments that could attract or retain residents such as enhancements in infrastructure or employment opportunities.
Investors and potential homeowners should monitor these trends closely while bearing in mind that real estate markets can fluctuate due to broader economic factors beyond local control. Nonetheless, current indications suggest that Georgetown’s real estate market holds promise for steady growth moving forward.
