Porterville, 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
The real estate market in Porterville, Newfoundland and Labrador is currently experiencing steady growth. With a median house price of $500,000 and an annual appreciation of 3.5%, the market shows healthy demand for single-family homes. The median apartment price stands at $300,000, with a slightly lower price trend of 2.1% year-over-year. This disparity in growth rates suggests a higher demand for houses compared to apartments.
The population of Porterville has grown by an impressive 7.1%, indicating an influx of residents that could be influencing the housing demand. This demographic shift is an essential factor contributing to the real estate dynamics in the region.
Investment Opportunities and Potential
For investors, Porterville offers attractive opportunities, particularly in the single-family home segment which is witnessing stronger price appreciation. The consistent growth indicates that investments in residential properties may yield solid returns, especially if this trend continues over the medium to long term.
In addition to housing, the increasing population could signal a potential for rental property investments. As new residents look for accommodation, investors might explore the rental market to capitalize on the burgeoning demand. However, it’s essential to consider that the apartment sector’s slower growth might reflect a preference for home-buying over renting in this community.
Future Market Outlook
Looking ahead, Porterville’s real estate market appears poised for continued growth. The robust population increase suggests ongoing demand for housing which could sustain property value appreciation. If economic conditions remain favourable and the area continues to attract new residents, both the housing and apartment markets should benefit.
Nevertheless, investors and stakeholders should monitor local economic developments and infrastructure improvements that could further impact real estate trends. A balanced approach considering both current performance and future projections would be prudent when assessing Porterville’s market potential.
