Glovertown, 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 (2024) | 15,000 |
| Previous Population (2019) | 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
The Glovertown real estate market is currently experiencing a steady growth with the median house price at $500,000, which has increased by 3.5% year-over-year. This demonstrates a healthy demand for housing in the area, reflecting consumer confidence and a robust local economy. The median apartment price stands at $300,000, with a slower growth rate of 2.1% year-over-year, indicating a more moderate but stable interest in multi-family dwellings.
Investment Opportunities and Potential
Investors looking to purchase property in Glovertown have favorable conditions to consider. The consistent rise in house prices suggests that investments made in the residential sector could yield appreciable capital gains over time. With the population growing at a strong rate of 7.1%, there is potential for increased rental demand, which could benefit investors interested in the apartment market despite its lower growth rate compared to houses.
Future Market Outlook
The future outlook for the Glovertown real estate market appears promising given the current trends and demographic data. The steady population growth will likely continue to drive demand for housing, supporting both price stability and growth. As long as economic conditions remain favorable, with low unemployment rates and strong income growth, the market should maintain its upward trajectory. Investors and homebuyers can be cautiously optimistic about entering or remaining in the Glovertown real estate market.
