Lewisporte, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| Stock on market | 0.7% |
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 | $375,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $590,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $330,000 |
| 3 bedrooms | $420,000 |
Demographics
| Current Population (2025) | 15,050 |
| Previous Population (2020) | 14,800 |
| Population Change | 1.7% |
| 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
The real estate market in Lewisporte, Newfoundland and Labrador is currently experiencing a steady growth in property values. The median house price in the area is currently $485,000, which represents a year-over-year increase of 3.2%. This indicates a stable market with moderate growth, suggesting that housing demand is keeping pace with supply.
Similarly, the median apartment price has seen an increase to $295,000, following a trend of 2.5% growth year-over-year. This demonstrates consistency in the market’s expansion across different types of residential properties. Alongside these trends, Lewisporte’s population has grown by 1.7%, reaching approximately 15,050 residents. Such demographic growth can have a positive effect on local real estate demand.
Investment Opportunities and Potential
The current growth rate of property values in Lewisporte presents attractive opportunities for real estate investors. The consistent increase in median house and apartment prices suggests that investments made now could yield favourable returns as the market continues to grow.
Investors should note that the population increase implies potential for rental market expansion, particularly for apartments which are experiencing a healthy appreciation rate. Given the area’s steady population growth, there is also potential for new development projects to meet the increasing housing demand.
Furthermore, the moderate yet consistent price increase indicates a balanced market that is less likely to experience significant volatility, thus offering a relatively low-risk environment for long-term investment strategies.
Future Market Outlook
The future outlook for the Lewisporte real estate market appears promising based on current trends and data. Assuming similar economic conditions persist, one can expect continued growth in property values at a sustainable rate. The ongoing population growth will likely contribute to persistent demand for housing, supporting further development and investment opportunities in both residential and rental sectors.
In summary, the Lewisporte real estate market offers a stable environment with potential for steady capital appreciation. Investors considering this market should focus on long-term gains rather than immediate returns due to the moderate pace of growth.
