Gillams, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $500,000 |
| Monthly growth | 1.2% |
| Quarterly trend | 3.5% |
| Stock on market | 0.8% |
Apartment
| Median price | $300,000 |
| Monthly growth | 0.9% |
| Quarterly trend | 2.1% |
| Stock on market | 1.2% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $400,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $600,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $250,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 14,000 |
| Population Change | 7.1% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,500 |
| Population Density (per km²) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends in Gillams, Newfoundland and Labrador
The real estate market in Gillams, Newfoundland and Labrador, is currently characterized by a steady growth in property values. The median house price stands at $500,000, reflecting a year-over-year increase of 3.5%. This increment signifies a healthy demand for housing in the area, which could be attributed to various economic and demographic factors including the positive population growth rate of 7.1%. Simultaneously, the apartment sector is also experiencing growth, albeit at a slightly slower pace; median apartment prices have risen by 2.1% year-over-year to reach $300,000. These trends suggest that the market is appreciating steadily across different types of residential real estate.
Investment Opportunities and Potential in Gillams
Given the consistent rise in property values in Gillams, investment opportunities appear promising for both residential houses and apartments. The market’s current trajectory may appeal to investors looking for capital gains over the medium to long term. Moreover, the robust population growth implies an increasing demand for housing which could translate into potential rental income growth for investors focusing on rental properties. With median prices still relatively affordable compared to larger urban centers, Gillams offers an attractive entry point for both individual investors and real estate investment groups.
Future Market Outlook for Gillams
The future market outlook for Gillams remains optimistic based on the observed trends and underlying demographic dynamics. If the population continues to grow at its current pace of 7.1%, it is expected that housing demand will persistently rise, thereby supporting further appreciation in property values. However, investors should remain vigilant about broader economic conditions and any local developments that may impact the housing market such as changes in employment rates or new infrastructure projects. Assuming stability in these external factors, Gillams’ real estate market looks poised to maintain its positive momentum moving forward.
