Monkstown, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 4.0% |
| Stock on market | 1.0% |
Apartment
| Median price | $310,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.5% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $495,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $460,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,500 |
| Population Change | 4.8% |
| 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 Monkstown, Newfoundland and Labrador is currently experiencing steady growth. With a median house price of $495,000 and an annual appreciation rate of 4%, the residential sector shows a healthy upward trajectory. Similarly, the apartment market is also on the rise with a median price of $310,000 and a year-over-year increase of 2.5%. This demonstrates a consistent demand for housing in the area.
The population of Monkstown has grown by 4.8%, indicating an influx of residents that could be contributing to the housing demand. This population growth is a positive indicator for the real estate market as it often leads to increased demand for housing units, both owned and rented.
Investment Opportunities and Potential
The current trends suggest that Monkstown offers promising investment opportunities for both residential properties and rental apartments. The steady growth in median prices points towards a stable market with potential for continued appreciation. Investors looking at long-term capital gains might find the housing market particularly attractive given the higher year-over-year price increase compared to apartments.
Furthermore, given the robust population growth, rental properties may also present a lucrative opportunity. Investors could benefit from rising rents due to increased demand, as well as appreciation in property values over time. The relatively lower median price of apartments compared to houses suggests a potentially lower barrier to entry for investment in multi-family units.
Future Market Outlook
The future outlook for Monkstown’s real estate market remains optimistic. Assuming current trends continue, further gradual increases in property values can be anticipated. The growing population is likely to sustain demand for housing, supporting both the resale market and rental sector.
However, investors should remain cognizant of external economic factors that could impact interest rates and employment levels, which are key drivers of real estate markets. Monitoring local developments such as infrastructure projects or changes in zoning laws will also be crucial for accurately projecting future performance.
In conclusion, Monkstown’s real estate market exhibits solid fundamentals with positive trends suggesting it is an attractive area for investment with potential for sustained growth.
