Griquet, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
Median price | $485,000 |
Monthly growth | 1.1% |
Quarterly trend | 3.3% |
Stock on market | 0.6% |
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 | $425,000 |
3 bedrooms | $485,000 |
4 bedrooms | $580,000 |
Apartments
Bedrooms | Median Price |
---|---|
1 bedrooms | $240,000 |
2 bedrooms | $335,000 |
3 bedrooms | $440,000 |
Demographics
Current Population (2025) | 15,200 |
Previous Population (2020) | 15,000 |
Population Change | 1.3% |
Total Private Dwellings | 6,100 |
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 Griquet, Newfoundland and Labrador
The real estate market in Griquet, Newfoundland and Labrador, is currently experiencing steady growth. The median house price in the region sits at $485,000, which represents a year-over-year increase of 3.3%. This increment indicates a healthy demand for housing and a competitive market environment that is favorable to sellers.
Apartments are also seeing an upward trend with the median price standing at $295,000, showing a more moderate year-over-year increase of 2%. This suggests that apartments are a slightly more accessible entry point into the Griquet real estate market for buyers, though they too are appreciating steadily.
The demographic context is an integral part of current market conditions. With a population of 15,200 that has grown by 1.33% over the past year, there is an ongoing demand for housing driven by population growth. The sustained increase implies potential for continued real estate activity in both the sales and rental markets.
Investment Opportunities and Potential in Griquet
For investors considering the Griquet real estate market, the consistent appreciation rates in housing suggest a stable investment environment with potential for capital gains over time. The current trends point towards single-family homes being a sound investment with their higher growth rate.
However, apartments should not be overlooked as they offer a lower entry point and still exhibit a positive appreciation trend. Furthermore, given the population growth rate, rental properties may represent an attractive opportunity for investors looking to capitalize on potential rental income alongside property value increase.
The relatively small size of the population also means that niche market opportunities or developments tailored to specific demographics – such as retirement housing or eco-friendly constructions – could fill unmet needs within the community.
Future Market Outlook for Griquet
Looking ahead, the future market outlook for Griquet remains optimistic. The steady population growth indicates an ongoing need for residential properties. If current trends continue, both median house and apartment prices are expected to maintain their upward trajectory although at moderate rates.
The region’s economic conditions and any policy changes related to property ownership and taxation will also play critical roles in shaping the future landscape of the real estate market. Investors and homeowners should keep an eye on these factors to make informed decisions.
In conclusion, based on available data, Griquet’s real estate market offers promising prospects for those looking to invest or purchase property. Ongoing monitoring of economic indicators and demographic shifts will be crucial for anyone looking to participate profitably in this market.