Newville, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| Stock on market | 0.8% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.9% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $575,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $440,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 14,500 |
| Population Change | 3.5% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,500 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Newville, Newfoundland and Labrador, is currently experiencing a period of moderate growth. With a median house price of $485,000 that has increased by 3.2% year-over-year, the market demonstrates steady appreciation. Similarly, apartments are showing a more modest uptrend with a median price of $295,000 and a 1.9% increase over the past year.
The population of Newville sits at 15,000 and has seen a healthy growth rate of 3.45%, suggesting an expanding local economy and potentially increasing demand for housing. These demographic changes are likely to have a direct impact on housing demand and may lead to continued price growth in both the short and medium-term.
Investment Opportunities and Potential
Investors considering Newville’s real estate market can find opportunities particularly in residential properties. Given the positive trends in median house prices and the stable increase in apartment values, investing in these types of properties can be promising. The steady population growth further supports the potential for rental properties as there will be an ongoing need for housing as the community expands.
Moreover, investors should consider the implications of new developments or infrastructure projects within Newville that could influence property values positively. Any future enhancements in public services, transportation, or amenities can provide additional boosts to property investment prospects.
Future Market Outlook
The outlook for Newville’s real estate market remains optimistic based on current trends. The consistent growth in house prices suggests confidence in the stability of the market and indicates potential for continued appreciation. The burgeoning population is a strong indicator that demand for housing will persist, offering support to both price stability and rental market strength.
The careful monitoring of economic factors that influence employment rates, income levels, and interest rates will be crucial in forecasting long-term trends. Should these indicators remain favorable, Newville’s real estate market is poised for sustained growth making it an attractive destination for homeowners and investors alike.
