Pacquet, 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 | 0.6% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| 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 | $350,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 14,700 |
| Population Change | 2.0% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,500 |
| Population Density (per km²) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Pacquet, Newfoundland and Labrador is currently experiencing steady growth. With a median house price of $485,000, the year-over-year increase is calculated at 3.2%, indicating a stable upward trend in property values. Apartment prices are also following an upward trajectory with a median price of $295,000, but with a slightly lower year-over-year increase of 1.5%. This slower growth rate in apartment prices suggests that houses are in higher demand among local homebuyers or investors.
The population of Pacquet stands at 15,000 and has seen a healthy growth rate of 2.04%. This demographic expansion indicates potential increased demand for housing in the near future.
Investment Opportunities and Potential
The consistent growth in housing prices points to a robust investment opportunity within Pacquet’s real estate market. Investors could benefit from the market’s resilience, as indicated by the steady appreciation of housing values. The development of new residential properties or the renovation of existing ones might be particularly lucrative given the growing population and their corresponding housing needs.
Additionally, with apartment prices increasing at a slower rate compared to houses, there may be an untapped market segment for investors looking to cater to individuals who may not be in the market for houses. As such, investing in apartment complexes or multi-unit residential buildings might yield significant returns over time.
Future Market Outlook
The future outlook for Pacquet’s real estate market appears positive. The ongoing population growth will likely continue to drive demand for both homes and apartments. If current trends persist, property values should maintain their upward momentum, albeit potentially at different rates for houses and apartments.
It’s also important to consider broader economic factors such as interest rates, employment rates, and regional developments that may impact the real estate market moving forward. A balanced approach considering both macroeconomic indicators and local market dynamics will be crucial for those looking to invest or operate within Pacquet’s real estate landscape.
