Portland, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $480,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 2.8% |
| Stock on market | 0.7% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.9% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $480,000 |
| 4 bedrooms | $550,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $320,000 |
| 3 bedrooms | $400,000 |
Demographics
| Current Population (2025) | 15,500 |
| Previous Population (2020) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends in Portland, Newfoundland and Labrador
As of the latest data, the real estate market in Portland, Newfoundland and Labrador is experiencing a period of steady growth. With a median house price of $480,000, the market has seen a moderate year-over-year increase of 2.8%. This indicates a relatively stable market environment without any drastic price escalations.
In contrast, the median apartment price stands at $295,000 with a slightly lower growth rate of 1.9% over the past year. This difference in growth between house and apartment prices may reflect a stronger demand for single-family homes in the area. Portland’s real estate landscape is further supported by its population growth rate of 3.3%, suggesting an increasing demand for housing driven by demographic factors.
Investment Opportunities and Potential
Investors considering the Portland real estate market will find opportunities buoyed by its consistent population growth. The solid annual increase in property values indicates a potentially reliable appreciation for real estate assets over time. Houses present an especially noteworthy opportunity given their higher growth rate compared to apartments.
The current trends suggest that rental properties could also offer a sound investment, as newcomers to the region may first seek temporary accommodation before purchasing homes. Moreover, the price points for both houses and apartments are likely accessible to a broader range of investors when compared to larger Canadian markets.
Future Market Outlook
The future outlook for the Portland real estate market remains cautiously optimistic. Given the stable annual increases in property values and consistent population growth, it is reasonable to anticipate that these trends will continue into the near future barring any unforeseen economic disturbances. The sustained demand for housing should underpin ongoing investment potential.
However, investors should be mindful of macroeconomic factors such as interest rates and employment levels which could influence market dynamics significantly. A watchful eye on regional economic developments will be crucial for those looking to capitalize on Portland’s real estate market over the long term.
