Monkstown, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.8% |
| Stock on market | 0.6% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.7% |
| Quarterly trend | 1.5% |
| 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 | $420,000 |
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
As of the latest available data, Monkstown’s real estate market is showing signs of moderate growth. The median house price stands at $485,000, which has increased by 2.8% year-over-year. This steady appreciation indicates a healthy demand for single-family homes in the area. Similarly, the median apartment price is currently $295,000, with a slightly lower growth rate of 1.5% year-over-year. This suggests that while there is an interest in apartment living, it is not growing as rapidly as the single-family home market.
The population of Monkstown has grown to 15,500 residents, marking a significant rise of 3.3%. This demographic change is a potential driver for the demand in housing and may continue to influence market conditions going forward.
Investment Opportunities and Potential
The current trends indicate that Monkstown could be a valuable location for real estate investments. The steady growth in house prices points to a market that retains value, offering potential long-term gains for investors. The increase in population size also suggests there will be continued demand for housing, which may drive future price increases and rental market opportunities.
Investors should consider the more robust growth rate for single-family homes when evaluating potential properties; however, apartments could be an attractive investment due to their lower entry price point and appeal to smaller households or individuals who prefer low-maintenance living.
Future Market Outlook
The future outlook for the Monkstown real estate market appears cautiously optimistic. With ongoing population growth and consistent property value appreciation, both residential sectors seem poised for continued progress. However, investors should stay informed about local economic factors, zoning changes, or infrastructure developments that might impact the market dynamics.
An eye towards diversification could benefit investors considering Monkstown’s real estate options. Engaging with both the single-family home sector and the apartment market could provide balanced exposure to different segments of potential renters or buyers.
In conclusion, while external economic conditions always pose uncertainties, Monkstown’s current trajectory suggests that it holds promising prospects for savvy investors willing to tap into its growing population’s housing needs.
