Peterview, 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
In Peterview, Newfoundland and Labrador, the real estate market is exhibiting a stable growth pattern. The median house price currently stands at $500,000, demonstrating a steady year-over-year increase of 3.5%. This increment is indicative of a healthy demand for housing in the region, which could be fueled by local economic factors and a growing population. Similarly, the market for apartments is experiencing growth, albeit at a slightly slower pace, with the median apartment price at $300,000, increasing by 2.1% from the previous year.
The area’s population has seen an impressive growth rate of 7.1%, boosting the total to approximately 15,000 residents. This demographic development suggests an expanding local workforce and potentially increased demand for both rental and owner-occupied properties.
Investment Opportunities and Potential
Peterview’s real estate market presents attractive opportunities for investors. The consistent rise in house prices reflects a market with strong investment potential. Given that the area’s population is on an upward trajectory, demand for housing is expected to surge, leading to favorable conditions for property value appreciation over time.
For those considering rental investments, the growing population also hints at a sustainable tenant base. With current trends suggesting ongoing market strength, rental properties such as apartments could yield substantial returns due to anticipated rises in both rental rates and occupancy levels.
The differential in growth rates between houses and apartments may also present a strategic opportunity. Investors might choose to focus on single-family homes due to their higher appreciation rate while maintaining a watchful eye on apartments as an affordable entry point into the real estate market or for diversification purposes.
Future Market Outlook
The future outlook of Peterview’s real estate market appears optimistic. Factors such as continued population growth and steady increases in property values suggest that the region will maintain its upward trajectory. Assuming these trends persist, it is reasonable to predict ongoing expansion in both residential sales volumes and property price points.
Economic developments within Peterview and broader regional enhancements will likely play pivotal roles in shaping the real estate landscape. Investors should monitor local economic indicators, infrastructure developments, employment rates, and other socio-economic factors that contribute to housing demand to make informed decisions.
In conclusion, Peterview presents itself as a robust market with potential for long-term growth. Prudent investors looking at current trends and future projections may find this an opportune time to consider capitalizing on this market’s positive momentum.
