Georgetown, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
Median price | $485,000 |
Monthly growth | 1.1% |
Quarterly trend | 3.8% |
Stock on market | 0.7% |
Apartment
Median price | $295,000 |
Monthly growth | 0.8% |
Quarterly trend | 2.5% |
Stock on market | 1.1% |
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 | $330,000 |
3 bedrooms | $420,000 |
Demographics
Current Population (2025) | 15,100 |
Previous Population (2020) | 14,000 |
Population Change | 7.9% |
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 in Georgetown, Newfoundland and Labrador
In the picturesque community of Georgetown, Newfoundland and Labrador, current real estate market conditions showcase a stable growth trajectory. The median house price stands at $485,000, representing a steady year-over-year increase of 3.8%. This growth is indicative of a healthy demand for single-family homes in the area, reflecting both local and external buyer interest.
On the other hand, the median apartment price in Georgetown is currently $295,000, with a slightly lower year-over-year appreciation rate of 2.5%. This suggests that while there is an interest in more affordable and smaller-scale housing options, the demand for apartments is not as robust as for houses.
The population of Georgetown has grown to 15,100, which marks an impressive growth rate of 7.9%. Such a significant increase in population size is often correlated with increased housing demand, which may explain the concurrent rise in property values across both housing types.
Investment Opportunities and Potential in Georgetown
The current real estate trends suggest that Georgetown presents a promising landscape for investment opportunities. The town’s consistent population growth coupled with stable price increases points towards ongoing demand and potential for capital gains. Investors considering entering the Georgetown market would likely find single-family homes to be a particularly lucrative venture given their higher appreciation rate.
The apartment sector, while growing at a slower pace, still offers potential for investors targeting first-time buyers or those seeking more affordable housing options. With the population set to increase further, rental demand could also rise, presenting an opportunity for investors to cater to the rental market by acquiring properties to lease.
Future Market Outlook for Georgetown
The future market outlook for real estate in Georgetown remains positive. The solid population growth suggests that demand will continue to sustain or potentially increase, driving property values upward. The fact that house prices have been increasing at a higher rate than apartment prices could signal a trend where families are looking to establish roots in the community through home ownership.
If current trends persist or accelerate due to economic development or migration to the area, investors and homeowners alike could benefit from appreciating real estate values. However, it is essential to monitor local economic indicators and development plans as these factors will play critical roles in shaping the future market dynamics.
In conclusion, those considering investing in Georgetown’s real estate market should remain cautiously optimistic, paying close attention to regional economic changes and infrastructure developments that could influence supply and demand balances going forward.