Hillview, 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 | 0.8% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.0% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $415,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $575,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $425,000 |
Demographics
| Current Population (2024) | 15,300 |
| Previous Population (2019) | 15,000 |
| Population Change | 2.0% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Hillview, Newfoundland and Labrador is experiencing steady growth. With a median house price of $485,000, the market has seen a year-over-year increase of 3.3%. This suggests a healthy demand for housing in the region, likely driven by favorable economic conditions and local developments. The median apartment price is currently at $295,000, with a slower growth rate of 2% year-over-year. This difference in growth rates between houses and apartments might indicate a stronger preference for single-family homes or a potential undersupply in this segment.
Investment Opportunities and Potential
In terms of investment opportunities, Hillview’s real estate market appears promising. The steady population growth of 2% signals ongoing demand for residential properties. Investors could benefit from the sustained appreciation in house prices, which outpaces that of apartments. However, the more moderate price point and growth rate of apartments should not be overlooked as they offer a lower barrier to entry for first-time investors or those looking to diversify their portfolio with smaller investments. Additionally, rental properties may yield attractive returns given the population increase, provided that rental demand correlates with population growth.
Future Market Outlook
Looking forward, the future market outlook for Hillview remains positive. The continuous population growth paired with consistent increases in property values points towards a stable market with the potential for further gains. While it is difficult to predict long-term trends, current indicators suggest that both housing sectors – houses and apartments – will maintain an upward trajectory. Prospective investors and homeowners should monitor local economic developments closely, as these will play a crucial role in influencing future market dynamics.
