Lumsden, 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 Lumsden, Newfoundland and Labrador, is currently experiencing a stable growth trajectory. The median house price stands at $500,000, reflecting a year-over-year increase of 3.5%. This indicates a healthy demand for detached homes in the area. On the other hand, the median apartment price is noted to be $300,000, with a more modest year-over-year growth of 2.1%.
The population of Lumsden has recently reached approximately 15,000 residents, showcasing a significant growth rate of 7.1%. This influx is likely contributing to the steady demand for housing and supporting the positive trends observed in the real estate market.
Investment Opportunities and Potential
Given the current market trends, investment in Lumsden’s real estate appears promising. The consistent growth in house prices suggests that purchasing residential property could yield profitable returns over time. Particularly, single-family homes are showing stronger appreciation rates and may offer more substantial capital gains for investors.
The apartment sector, while growing at a slower pace, still presents opportunities for investors looking for lower entry points into the market or seeking rental income properties. As the population continues to expand, demand for various types of housing will likely support continued growth in property values across the board.
Future Market Outlook
The outlook for Lumsden’s real estate market remains optimistic. Population growth is one of the key drivers for sustained demand in housing, and with a robust 7.1% increase, this trend is expected to continue fueling the local real estate market. If economic conditions remain favorable and the region continues to attract new residents due to employment opportunities or lifestyle factors, both housing and apartment prices may experience sustained growth.
In conclusion, careful analysis suggests that Lumsden’s real estate market holds potential for long-term investment success, particularly as it relates to single-family homes which are currently leading appreciation rates.
