Millertown, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $480,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.8% |
| Stock on market | 0.7% |
Apartment
| Median price | $290,000 |
| Monthly growth | 0.6% |
| Quarterly trend | 1.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $480,000 |
| 4 bedrooms | $550,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $320,000 |
| 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 | 5,800 |
| Population Density (per km²) | 1.4 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Millertown, Newfoundland and Labrador is experiencing a period of moderate growth. The median house price currently stands at $480,000, which represents a 2.8% increase year-over-year. This indicates a steady but not exuberant rise in property values, suggesting a stable market. Meanwhile, the median apartment price has reached $290,000, following a slightly lower year-over-year growth trend of 1.5%.
The population of Millertown has risen to 15,000 inhabitants, with a notable growth rate of 3.4%. This demographic expansion is likely contributing to the steady demand for housing within the area. The current trends in the market suggest that while growth is present, it remains at manageable levels that do not indicate overheating or speculative bubbles.
Investment Opportunities and Potential
In light of the current market conditions, Millertown presents several attractive opportunities for real estate investors. The consistent increase in property values suggests that investments made now have the potential for capital appreciation over time. Furthermore, the population growth rate can be seen as an indicator of future demand for housing, which may continue to drive price increases particularly if supply remains constrained.
The more modest growth in apartment prices might appeal to investors seeking entry-level investment opportunities or those looking to invest in rental properties catering to smaller households or young professionals. Given that apartments are growing at a slower pace compared to houses, there could be greater room for upward valuation in this sector as the market evolves.
Future Market Outlook
Looking forward, the real estate market in Millertown is poised for continued growth albeit at a sustainable pace. As long as the population continues to expand and economic factors remain favorable, demand for housing should persist. However, investors and homeowners alike should monitor local economic developments and any potential changes in interest rates or housing policies that could affect market dynamics.
The gradual increase in house and apartment prices indicates that Millertown may not be subject to volatile swings seen in other markets. This could make it an appealing location for long-term investment strategies focused on stability rather than short-term gains.
In summary, while there are no guarantees in real estate investment, Millertown’s current data points towards a healthy and growing market with promising prospects for those looking to invest or purchase property within the region.
