Petley, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 2.8% |
| Stock on market | 0.9% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $410,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $590,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $435,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 14,500 |
| Population Change | 3.4% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
1. Current Market Conditions and Trends
In Petley, Newfoundland and Labrador, the real estate market is currently experiencing steady growth. The median house price stands at $485,000, representing a 2.8% increase year-over-year. This suggests a healthy demand for single-family homes in the region. Similarly, apartments are showing a modest rise in value with a median price of $295,000 and a 1.5% year-over-year trend. The population of Petley has reached 15,000 residents and is growing at a rate of 3.4%, which may be contributing to the sustained demand for housing in the area.
2. Investment Opportunities and Potential
The real estate market in Petley offers several attractive investment opportunities. The consistent growth in property values indicates the potential for capital gains over time. For investors looking to enter the residential sector, single-family homes present a particularly promising option given their higher year-over-year price increase compared to apartments.
Additionally, the increasing population suggests that there might be an ongoing or future demand for rental properties, making buy-to-rent investments potentially lucrative as well. With more people moving into the area, investors could expect a steady stream of tenants looking for both houses and apartments.
3. Future Market Outlook
The future outlook for Petley’s real estate market appears positive. The continued population growth suggests that demand for housing will remain strong, potentially pushing property prices upward. If the current trends persist, we can anticipate further increases in both house and apartment prices, albeit at a sustainable rate.
Investors should monitor economic indicators such as employment rates and infrastructure developments in the area since these factors could influence the market significantly. With careful consideration of these elements and current trends, stakeholders can make informed decisions regarding entering or expanding their presence in Petley’s real estate market.
