Pasadena, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $500,000 |
| Monthly growth | 1.2% |
| Quarterly trend | 3.5% |
| Stock on market | 0.8% |
Apartment
| Median price | $300,000 |
| Monthly growth | 0.9% |
| Quarterly trend | 2.1% |
| Stock on market | 1.2% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $400,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $600,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $250,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 14,000 |
| Population Change | 7.1% |
| 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 Pasadena, Newfoundland and Labrador is currently experiencing steady growth. With a median house price of $500,000 and an annual appreciation trend of 3.5%, the market is showing healthy signs of development. The median apartment price stands at $300,000, with a slightly slower year-over-year price increase of 2.1%. This indicates a more moderate but consistent growth in the apartment sector.
The population of Pasadena is approximately 15,000 residents and has seen a significant growth rate of 7.1%. This demographic expansion can be attributed to both the area’s economic opportunities and its attractive living conditions, which may continue to drive housing demand in the near term.
Investment Opportunities and Potential
Investors considering the Pasadena real estate market will find potential in both the residential housing and apartment sectors. The consistent growth in property values presents an opportunity for capital gains over time. The robust population increase suggests that rental properties could also be a viable investment strategy to cater to new residents who may not be ready or able to purchase property immediately upon arriving in the area.
Given that the housing prices are following an upward trajectory, albeit at a moderate pace, investments made now could benefit from future price escalations. Additionally, the increasing demand for housing driven by population growth could lead to tightening rental markets, potentially pushing rental incomes higher.
Future Market Outlook
The outlook for Pasadena’s real estate market remains optimistic. The combination of steady price growth and robust population increases lays the groundwork for a healthy market in the foreseeable future. Assuming no major economic shifts or policy changes that negatively impact housing markets, investors and homeowners can expect continued appreciation in property values.
However, it is important for stakeholders to monitor local economic developments as well as broader national and global trends that could influence interest rates, employment stability, and migration patterns—all of which could impact the trajectory of Pasadena’s real estate market.
