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 | 0.9% |
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 | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $420,000 |
Demographics
| Current Population (2025) | 15,050 |
| Previous Population (2020) | 14,500 |
| Population Change | 3.8% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| 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, currently presents a stable growth trend. The median house price in the area stands at $485,000, which indicates a year-over-year increase of 3.2%. This upward trend signifies a healthy demand for housing in the local market, likely influenced by the town’s positive population growth rate of 3.8%. Similarly, the median apartment price shows a moderate appreciation at $295,000, with a 2.5% year-over-year increase. These data points suggest that the real estate market is experiencing steady growth without signs of overheating or rapid inflation.
Investment Opportunities and Potential
The ongoing rise in property values reflects underlying strength in the Lewisporte real estate market, offering appealing investment opportunities. The consistent appreciation of housing prices offers potential for capital gains over time. Moreover, with the population growing at a notable rate of 3.8%, there is an increasing demand for both rental and owner-occupied properties. Investors can leverage this demand to explore ventures such as long-term residential rentals, vacation rental properties given Lewisporte’s scenic coastal location, or development projects to expand the housing inventory in response to demographic growth.
Future Market Outlook
Lewisporte’s future market outlook appears optimistic based on current trends and demographic indicators. The steady increase in property values aligns with sustainable economic principles, potentially safeguarding against speculative bubbles. With its growing population, there is an expectation for continued demand for housing which may further drive property values upward at a measured pace. However, investors and homebuyers should remain vigilant about broader economic factors such as interest rates, employment levels within the province, and any policy changes that may impact Newfoundland and Labrador’s real estate dynamics.
