Millertown, 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 | 2.3% |
| 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 | $430,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 15,000 |
| Population Change | 1.3% |
| 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 in Millertown
Millertown, Newfoundland and Labrador, is experiencing a moderate yet steady growth in its real estate market. The median house price in this quaint town stands at $485,000, which represents a 3.2% increase year-over-year. This suggests a healthy demand for housing in the area, potentially driven by the town’s amenities and natural beauty. Similarly, apartment prices have also seen an upward trend with a current median price of $295,000 and a growth rate of 2.3% over the past year.
The population of Millertown has grown to 15,200 residents, reflecting a 1.3% growth rate. This steady population increase may be contributing to the demand for housing and could indicate a robust local economy that attracts new residents. However, it’s important to note that while the growth rates are positive, they are not indicative of a rapidly accelerating market; rather, they point towards stable and consistent growth.
Investment Opportunities and Potential in Millertown
In terms of investment opportunities, Millertown’s real estate market presents potential for both short-term gains and long-term appreciation. The consistent upward trend in housing prices could benefit investors looking to capitalize on property value increases. Additionally, the growing population suggests that rental properties may be in higher demand as new residents look for homes, potentially providing stable rental income streams to investors.
With apartment prices being significantly lower than house prices, investors might find this segment particularly attractive for entering the market at a lower initial investment point. The positive trend in apartment values also indicates potential for capital appreciation over time.
Future Market Outlook for Millertown
The future market outlook for Millertown remains cautiously optimistic. Given the current trends of modest population growth and steady increases in property values, it is reasonable to expect that these patterns will continue into the near future barring any unforeseen economic shifts.
The ongoing demand for housing coupled with the relatively affordable median apartment price points to sustained investment potential, particularly within the rental market. As long as the local economy continues to provide jobs and attract residents, Millertown’s real estate market should maintain its course of stable growth.
However, investors should remain vigilant about broader economic factors that could affect regional markets such as changes in commodity prices or shifts in provincial economic policies. Regular monitoring of both local and national economic indicators is recommended to stay informed on any changes that might impact future real estate conditions in Millertown.
