Milltown, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 2.8% |
| Stock on market | 0.9% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.9% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $425,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $575,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $335,000 |
| 3 bedrooms | $425,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,400 |
| Population Change | 5.6% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,600 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends in Milltown, Newfoundland and Labrador
In Milltown, Newfoundland and Labrador, the real estate market is currently experiencing a modest but steady increase in property values. The median house price stands at $485,000, which represents a 2.8% growth year-over-year. This suggests a healthy demand for single-family homes that is driving prices up at a sustainable pace. Meanwhile, the median apartment price has reached $295,000, with a slightly lower growth rate of 1.9% over the same period.
The population of Milltown has grown by 5.6% to 15,200 residents, indicating an influx of new residents or natural population growth. This demographic trend is likely contributing to the sustained demand for housing in the area as more people seek accommodation, supporting the current upward trajectory in real estate prices.
Investment Opportunities and Potential in Milltown
For investors considering the Milltown real estate market, there are several factors that highlight its potential. Given the steady appreciation of property values, purchasing residential real estate could offer solid long-term capital gains. Single-family homes have experienced higher price increases compared to apartments, hinting at a possibly greater demand for this type of property.
Investors should also take note of the population growth when evaluating rental market opportunities. An expanding population typically translates into increased rental demand, which could lead to higher occupancy rates and potentially stronger rental yields for both apartments and houses.
Future Market Outlook for Milltown
The future outlook for Milltown’s real estate market appears cautiously optimistic based on current trends and data. With a steady population increase and consistent year-over-year growth in property values, it is reasonable to anticipate that this positive momentum will continue into the near future.
However, investors and potential homebuyers should remain mindful of broader economic factors that could influence the market such as interest rate movements, employment rates in the region, and any shifts in provincial or federal housing policies.
In conclusion, while individual circumstances vary and investment always carries risk, Milltown presents an appealing case for residential property investment grounded in solid market fundamentals.
