Pasadena, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.0% |
| Stock on market | 0.7% |
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 | $385,000 |
| 3 bedrooms | $495,000 |
| 4 bedrooms | $605,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $345,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,000 |
| Population Change | 5.1% |
| 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 Pasadena, Newfoundland and Labrador, is currently exhibiting moderate growth. With the median house price sitting at $495,000, the market has seen a year-over-year increase of approximately 3%. The median apartment price is slightly more affordable at $295,000, increasing at a slightly lower rate of 2.5% year-over-year.
This steady growth may be attributed to the area’s appealing natural setting and lifestyle, combined with a stable local economy. The population of Pasadena stands at an estimated 15,200, which has grown by 5.14%, suggesting a healthy demand for housing driven by demographic factors.
Investment Opportunities and Potential
Pasadena presents several investment opportunities for both residential real estate investors and developers. The consistent appreciation of property values suggests a robust potential for long-term capital gains. The housing market is buoyed by the town’s population growth, indicating a persistent demand for both ownership and rental properties.
Investors might consider the relatively higher growth in house prices compared to apartment prices when strategizing their investments. Single-family homes could offer better appreciation prospects, while apartments might appeal to those looking for more accessible entry points into the market or catering to singles and small families.
Future Market Outlook
The future outlook for Pasadena’s real estate market remains optimistic. Population growth is expected to continue as more people are drawn to the town’s quality of life and employment opportunities. This demographic trend should underpin demand for housing in the foreseeable future.
While current trends suggest steady growth, investors and homebuyers should stay informed about local developments that could impact the market. Factors such as changes in interest rates, economic diversification efforts, and regional policies on housing can influence future market dynamics.
In conclusion, Pasadena’s real estate market appears well-positioned for continued growth, offering appealing opportunities for both homeownership and investment.
