Irishtownsummerside, 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 (2025) | 15,000 |
| Previous Population (2020) | 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 real estate market in Irishtown-Summerside, Newfoundland and Labrador, is currently experiencing steady growth. With a median house price of $500,000, the market has seen a year-over-year increase of 3.5%. This increment indicates a healthy demand for housing in the area, possibly driven by both local factors and broader provincial economic conditions. Similarly, the apartment sector has also shown positive growth with a median price of $300,000 and a 2.1% rise year-over-year. This suggests that the market is not solely dependent on single-family homes but also shows potential for multi-family dwellings and investment properties.
Investment Opportunities and Potential
Considering the steady growth in property values, Irishtown-Summerside presents several investment opportunities. Investors may find the rising prices indicative of a market with solid long-term potential. Single-family homes are currently the stronger sector in terms of price growth, which could appeal to investors looking for properties that appreciate more quickly. On the other hand, apartments offer a lower entry point into the market at $300,000 with a slower yet consistent appreciation rate of 2.1% year-over-year.
Furthermore, given the population growth of 7.1%, there is an increasing demand for housing which could drive further investments in residential development projects or rental properties to cater to new residents moving into the area.
Future Market Outlook
The future outlook for Irishtown-Summerside’s real estate market remains optimistic. Population growth outpaces many other regions with a significant 7.1% increase, suggesting that demand for housing will continue to rise. If current trends persist, we can anticipate continued appreciation in property values across all sectors of the market.
Additionally, as the town evolves and attracts more residents, infrastructure developments and improvements in local amenities are likely to follow suit which could further enhance property values. Potential investors should monitor these trends closely as they may indicate sustained growth and stability in Irishtown-Summerside’s real estate market.
