Petites, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $510,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.0% |
| Stock on market | 0.7% |
Apartment
| Median price | $315,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $510,000 |
| 4 bedrooms | $650,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $460,000 |
Demographics
| Current Population (2025) | 15,500 |
| Previous Population (2020) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,800 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Petites, Newfoundland and Labrador is currently experiencing steady growth. With a median house price of $510,000, the market has seen a year-over-year increase of 4%. This trend indicates a healthy demand for housing in the area, likely propelled by the positive population growth rate of 3.3%, which suggests an expanding local economy and potentially an influx of new residents seeking homes.
The apartment sector in Petites also displays growth, albeit at a slightly lower rate. The median apartment price stands at $315,000, with a year-over-year increase of 2.5%. This suggests that apartments are a relatively affordable option for those entering the housing market or looking for smaller investment properties.
Investment Opportunities and Potential
Investors considering Petites will find various opportunities due to the consistent appreciation in property values. The steady rise in house prices at 4% annually shows investment potential for single-family homes. Such properties could offer long-term capital gains as well as rental income possibilities if leveraged as rental properties, especially given the population’s upward trajectory.
Apartment units also present an attractive entry point for investors given their more modest price increase and lower acquisition cost compared to houses. As more people move into the area, there may be an increased demand for rental units, which would make apartment investments particularly appealing for those looking to tap into the rental market.
Future Market Outlook
Looking ahead, the real estate market in Petites seems poised for continued growth. The solid foundation of rising property values coupled with steady population increases bodes well for both residential stability and investment potential. Assuming these trends persist, we can anticipate ongoing appreciation in property values across both housing and apartment sectors.
However, it is essential to monitor potential economic changes that could affect these trends, such as shifts in employment rates or regional developments that could either catalyze or slow down growth. Prospective investors should conduct thorough due diligence and stay informed about local economic conditions when making investment decisions.
