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 Irishtownsummerside, Newfoundland and Labrador, is currently experiencing modest growth. The median house price in the area stands at $500,000, which marks a 3.5% increase year-over-year. This steady increase indicates a healthy market that is growing at a sustainable rate. Similarly, the median apartment price has seen a rise to $300,000, following a 2.1% year-over-year trend. These trends suggest that the market is favorable for both single-family homes and apartment dwellings.
The population of Irishtownsummerside has experienced significant growth of 7.1%, which can contribute to increased demand for housing in the region. This demographic change is likely to put upward pressure on both prices and rental rates over time as new residents seek accommodation.
Investment Opportunities and Potential
Investors considering the Irishtownsummerside real estate market have several opportunities to capitalize on. The consistent growth in property values indicates potential for capital gains over the long term. With the population increasing at a notable rate, demand for rental properties is expected to rise, making it an opportune time to invest in rental units or develop properties to cater to this growing demographic.
Moreover, with houses showing a higher price trend compared to apartments, there may be more potential for appreciation in the single-family home segment of the market. However, apartments also offer a solid investment with their 2.1% year-over-year price increase and could be attractive due to their typically lower entry cost and maintenance requirements.
Future Market Outlook
The future outlook for the Irishtownsummerside real estate market appears positive. The ongoing population growth suggests that demand for housing will continue to rise, potentially leading to further increases in property values and rental rates. Assuming the local economy remains stable or improves, this trend is likely to continue.
Investors and potential homeowners should monitor local economic developments closely as they can significantly impact real estate markets. Factors such as employment rates, infrastructure projects, and regional economic policies will play crucial roles in shaping the future of Irishtownsummerside’s housing market.
In conclusion, current indicators point towards a promising future for Irishtownsummerside’s real estate market with balanced growth forecasted. Both investors and those looking to purchase a home should consider entering the market soon before prices potentially increase further.
