Petites, 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 | 0.8% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.0% |
| Stock on market | 1.1% |
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 | $340,000 |
| 3 bedrooms | $440,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,000 |
| Population Change | 5.7% |
| 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 Petites, Newfoundland and Labrador, is currently experiencing a steady increase in housing prices. The median house price stands at $485,000, with a year-over-year growth of 3.2%. This indicates a healthy demand for housing in the area. The apartment market is also showing positive growth with a median price of $295,000 and a trend increase of 2% year-over-year. The population growth of 5.7% suggests that the area is attracting new residents, which may be contributing to the rising real estate prices as demand increases.
Investment Opportunities and Potential
In terms of investment opportunities, Petites offers potential for both residential and rental property investments. Considering the consistent upward trend in housing prices and the growing population, it can be inferred that there will be a continued demand for homes. Investors looking to purchase properties for long-term appreciation or rental income could benefit from entering the market now while the price trends are positive.
The difference in median prices between houses and apartments suggests that there could be a segment of the market with preference for more affordable living spaces such as apartments. Therefore, investing in apartments could appeal to those seeking lower entry points into the housing market or investors looking for rental properties to cater to individuals or smaller households.
Future Market Outlook
The future real estate market outlook for Petites looks optimistic. Given the strong population growth rate and consistent increases in property values, it’s reasonable to anticipate that these trends may continue in the foreseeable future. However, potential investors should also consider economic factors such as employment rates, local industry performance, and interest rates which can affect housing affordability and overall demand.
In conclusion, if the current trends persist—supported by population growth and economic stability—Petites’ real estate market could remain robust. Investors are advised to monitor key economic indicators while considering long-term strategies that align with ongoing growth patterns.
