Hanwell, New Brunswick 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 in Hanwell, New Brunswick
In Hanwell, New Brunswick, the real estate market is currently characterized by moderate growth. The median house price stands at $500,000, with a year-over-year increase of 3.5%. This indicates a steady upward trend in property values for residential homes, which may be influenced by factors such as local economic stability and a rising demand for housing in the area.
The market for apartments is also showing signs of growth, albeit at a slower pace. The median apartment price has reached $300,000, with an annual growth rate of 2.1%. This difference in growth rates suggests that houses are currently a more dynamic segment of the market compared to apartments.
Hanwell’s population stands at approximately 15,000 residents and has experienced significant growth at a rate of 7.1%. This demographic trend can have substantial implications on housing demand, potentially leading to increased real estate activity and higher property values over time.
Investment Opportunities and Potential in Hanwell
The positive trends in Hanwell’s real estate market present attractive opportunities for investors. The consistent rise in median house prices indicates health in the housing sector and an opportunity for capital appreciation. Investors looking to purchase residential properties may find long-term value retention and growth potential in this market.
Apartments, with their lower year-over-year price increase, may offer investment opportunities particularly appealing to those aiming for rental income. Given the significant population growth, there could be an increasing demand for rental properties, potentially resulting in favorable rental yields for investors.
The demographic expansion also suggests room for development projects, as new residents may spur the need for additional housing units and associated services. Investors with an interest in development could consider leveraging this growing demand by investing in new construction projects or the redevelopment of existing properties.
Future Market Outlook for Hanwell
Looking ahead, Hanwell’s real estate market demonstrates promising indicators for continued growth. The robust population increase is set to sustain demand for both ownership and rental properties. Assuming that economic conditions remain stable and supportive of real estate investment, we can anticipate ongoing appreciation in property values.
However, potential investors should closely monitor external factors that could impact market dynamics, such as interest rates changes, government housing policies, and broader economic trends affecting New Brunswick and Canada as a whole. Careful analysis of these elements will be crucial for accurate forecasting and strategic investment decisions.
In conclusion, Hanwell presents a compelling case for both residential property investment and potential developments tailored to its growing population. With mindful consideration of market conditions and future trends, investors can make informed decisions to capitalize on the opportunities within this evolving market.
