Milltown, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.0% |
| Stock on market | 1.0% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $410,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $590,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $335,000 |
| 3 bedrooms | $440,000 |
Demographics
| Current Population (2025) | 15,500 |
| Previous Population (2020) | 15,000 |
| Population Change | 3.3% |
| 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
The real estate market in Milltown, Newfoundland and Labrador, is currently experiencing steady growth. The median house price stands at $485,000, which represents a year-over-year increase of 4%. This growth indicates a healthy demand for housing in the area. Meanwhile, the median apartment price has reached $295,000, with a more modest year-over-year appreciation of 1.5%. The population of Milltown has grown to 15,500, with an upward trend of 3.3%, suggesting a burgeoning market driven by demographic expansion.
Investment Opportunities and Potential
The continued population growth and consistent rise in property values indicate strong investment potential in Milltown’s real estate market. Given the higher appreciation rate for houses compared to apartments, single-family homes may present particularly lucrative opportunities for investors seeking capital gains. However, the solid performance of the apartment sector cannot be overlooked, as it provides an entry point for investors with less capital who are interested in taking advantage of the growing rental demand fueled by the increasing population.
Future Market Outlook
Looking ahead, the future market outlook for Milltown remains positive. The steady population growth implies a persistent demand for housing which could sustain the current upward trend in property prices. Assuming no significant economic disruptions occur, both segments of the housing market—houses and apartments—are expected to maintain their trajectories. Investors considering entry into this market should monitor local economic developments, migration patterns, and infrastructure investments closely, as these factors will play critical roles in shaping Milltown’s real estate landscape over the coming years.
