Musgravetown, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.0% |
| Stock on market | 0.5% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $590,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $440,000 |
Demographics
| Current Population (2025) | 15,300 |
| Previous Population (2020) | 15,000 |
| Population Change | 2.0% |
| 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 Musgravetown, Newfoundland and Labrador, is currently experiencing a steady growth in property values. With a median house price of $485,000 that has seen an upward trend of 4% year-over-year, the market is indicative of a healthy demand for residential properties. Similarly, the median apartment price stands at $295,000, with a slower but consistent growth rate of 2.5% year-over-year. This suggests a more modest but stable investment environment for multi-family units.
The population of Musgravetown is 15,300 and has been growing at a rate of 2%, which may be contributing to the increased demand for housing. This demographic expansion can be an indicator of economic vitality and prospective continued demand for real estate in the area.
Investment Opportunities and Potential
Investors considering Musgravetown will find opportunities primarily in the residential sector. The steady growth in property values offers a promising environment for both long-term capital gains and rental income strategies. Single-family homes present a particularly attractive investment given their higher annual appreciation rate.
The current trends also suggest that apartments are a viable investment option with a solid growth rate that could appeal to investors looking for lower entry points into the market and potentially higher rental yields relative to purchase price. Moreover, with the population growth, there is potential for increased rental demand, which can drive both occupancy rates and rental prices upward.
Future Market Outlook
The future outlook for Musgravetown’s real estate market remains optimistic. The combination of steady population growth and consistent property value increases suggests that the local real estate market should maintain its current trajectory in the near term. However, investors must also remain cognizant of external economic factors that could affect regional markets, such as employment rates, interest rate changes, and provincial economic policies.
Given that population trends often serve as a leading indicator for real estate demand, the 2% growth rate could signal ongoing requirements for new housing developments or rejuvenation of existing properties. Consequently, responsive developers and investors who capitalize on these demands may find rewarding opportunities in both new constructions and renovations.
In conclusion, while no market is without risk, Musgravetown’s real estate market presents several positive indicators that point towards continued growth and investment potential. Stakeholders are encouraged to conduct thorough due diligence and consider long-term trends when making investment decisions.
