Glovertown, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.3% |
| Stock on market | 0.7% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.0% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $390,000 |
| 3 bedrooms | $495,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $420,000 |
Demographics
| Current Population (2024) | 15,100 |
| Previous Population (2019) | 14,000 |
| Population Change | 7.1% |
| Total Private Dwellings | 6,000 |
| 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 Glovertown, Newfoundland and Labrador, is currently experiencing steady growth, as indicated by the year-over-year increase in property values. The median house price stands at $495,000, reflecting a 3.3% increase from the previous year. Similarly, the apartment market is also showing positive momentum with a median price of $295,000, which marks a 2% rise year-over-year. These trends suggest a consistent demand for housing in the region.
The population growth of 7.14% in Glovertown is another critical factor contributing to the robust housing market. This demographic expansion indicates an inflow of residents seeking accommodation, which is likely to sustain demand for housing and potentially push prices upward further if the supply side does not keep pace.
Investment Opportunities and Potential
Given the steady appreciation in property values, Glovertown presents potential investment opportunities for both residential properties and rental apartments. Real estate investors may find long-term capital gains by investing in houses due to their higher year-over-year price trend. The rental market could also be lucrative given the growing population and corresponding demand for apartments.
Additionally, as more people move to Glovertown, there may be opportunities for development projects that cater to this burgeoning population, such as multi-family dwellings and new subdivisions. The current market conditions suggest that well-informed investments could yield considerable returns over time.
Future Market Outlook
The future outlook for Glovertown’s real estate market appears optimistic. The continuous population growth coupled with sustained increases in property values points towards a stable and potentially expanding market. If the current trends persist, investors and homeowners alike can expect ongoing appreciation in property values.
However, it’s essential to consider external economic factors such as interest rates, employment rates, and broader provincial economic conditions that could influence the local real estate market’s trajectory. Monitoring these elements will be crucial for those looking to invest or buy property in Glovertown.
In conclusion, Glovertown’s real estate market demonstrates promising characteristics for investment and growth. Stakeholders should continue observing the market closely to make informed decisions based on up-to-date trends and data.
