Hampden, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.0% |
| Stock on market | 0.9% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $425,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $575,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $430,000 |
Demographics
| Current Population (2024) | 15,700 |
| Previous Population (2019) | 15,000 |
| Population Change | 4.7% |
| Total Private Dwellings | 6,100 |
| Occupied Private Dwellings | 5,600 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
In Hampden, Newfoundland and Labrador, the real estate market has shown a steady growth trajectory over the past year. The median house price is currently $485,000, reflecting a healthy 4% year-over-year increase. This suggests that there is a consistent demand for housing in the area. Furthermore, apartments have also experienced growth, albeit at a slightly lower rate, with the median apartment price reaching $295,000, which indicates a 2.5% year-over-year increase.
The population of Hampden stands at 15,700, and it has witnessed a significant population growth of 4.7%. This population uptick is likely contributing to the demand for housing, as more people are looking for homes in this region. The combination of rising property values and growing population suggests a vigorous market that is attracting both homeowners and investors alike.
Investment Opportunities and Potential
The current trends in Hampden present numerous investment opportunities. With the median house price appreciating by 4% annually, investors can expect to see continued capital gains on residential properties. The steady increase in apartment prices also points towards a robust rental market, offering potential for solid rental yields combined with long-term appreciation.
The ongoing population growth serves as an indicator of the town’s economic vitality and promises an expanding pool of tenants and potential buyers. Investors considering Hampden for their real estate portfolios should take note of these positive indicators. However, it is crucial to conduct thorough research on specific neighborhoods and property types to maximize investment returns.
Future Market Outlook
Looking ahead, the future market outlook for Hampden appears promising. If current trends continue, we can anticipate further increases in property values coupled with strong demand. The high rate of population growth is likely to sustain this demand, propelling the housing market forward. Nevertheless, investors should keep an eye on broader economic factors and regional development plans that could impact future market conditions.
It is also important to consider external influences such as interest rates, employment rates, and government housing policies that could affect affordability and investment attractiveness. Prudent investors will monitor these factors closely while recognizing Hampden’s current positive momentum in its real estate market.
In conclusion, Hampden presents itself as a burgeoning market with considerable potential for both homebuyers and investors. As always, individual circumstances and risk tolerance should dictate any investment decision.
