Mccallum, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $475,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 2.8% |
| Stock on market | 0.7% |
Apartment
| Median price | $290,000 |
| 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 | $475,000 |
| 4 bedrooms | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $345,000 |
| 3 bedrooms | $430,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 14,500 |
| Population Change | 3.4% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,600 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
1. Current Market Conditions and Trends
The real estate market in McCallum, Newfoundland and Labrador, is characterized by steady growth and stable prices. With a median house price of $475,000, the market has seen a modest yet consistent year-over-year increase of 2.8%. This trend suggests a balanced market that is neither heavily favoring buyers nor sellers.
The apartment sector is also experiencing similar growth with a median price of $290,000 and a year-over-year appreciation of 2.5%. This parallel trend between houses and apartments indicates an overall healthy demand for various types of housing in the area.
The population of McCallum stands at about 15,000 residents, with a notable population growth rate of 3.4%. This increase in population is likely contributing to the sustained demand for housing and helping maintain upward pressure on property values.
2. Investment Opportunities and Potential
The real estate market in McCallum presents attractive investment opportunities for both residential properties and rental units. The consistent growth in property values coupled with the rising population suggests that there will be ongoing demand for housing.
In particular, investing in apartments could be promising given the significant population growth rate. As more people move into the area, there will likely be increased demand for affordable and accessible housing options such as apartments or multi-family units.
Investors should also consider the potential for long-term capital gains given the steady appreciation trend in property prices. Rental properties could additionally provide a stable income stream due to the growing local workforce seeking living accommodations near employment centers.
3. Future Market Outlook
The future outlook for McCallum’s real estate market appears positive. The sustained rise in median home prices suggests that the market has underlying strength and resilience. Furthermore, with the population projected to continue growing at a robust pace, demand for housing should remain strong.
This demographic trend bodes well for both resale values and rental occupancy rates. As long as economic conditions remain favorable and employment opportunities continue to attract residents, McCallum’s real estate market is poised for continued growth.
In conclusion, careful monitoring of economic drivers such as employment rates and regional development projects will be essential for investors looking to capitalize on McCallum’s real estate trends. Overall, current indicators point towards a favorable investment climate with potential for profitable returns over time.
