Ramea, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $425,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.8% |
| Stock on market | 1.0% |
Apartment
| Median price | $275,000 |
| Monthly growth | 0.7% |
| Quarterly trend | 1.5% |
| Stock on market | 1.3% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $375,000 |
| 3 bedrooms | $425,000 |
| 4 bedrooms | $500,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $225,000 |
| 2 bedrooms | $300,000 |
| 3 bedrooms | $375,000 |
Demographics
| Current Population (2025) | 1,500 |
| Previous Population (2020) | 1,450 |
| Population Change | 3.4% |
| Total Private Dwellings | 600 |
| Occupied Private Dwellings | 550 |
| Population Density (per km²) | 0.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Ramea, Newfoundland and Labrador is currently experiencing a steady increase in property values. The median house price stands at $425,000, with a year-over-year growth of 2.8%. This modest uptick indicates a stable market that is attracting homeowners looking for long-term investment. In contrast, the median apartment price is $275,000, with a slightly lower growth rate of 1.5% year-over-year. This suggests that the demand for single-family homes is outpacing that of apartments.
With a population of 1,500 and a noteworthy growth rate of 3.4%, Ramea’s community is expanding at a healthy pace. This population increase is likely to continue fueling demand for housing in the area, which could potentially lead to more robust growth in property values over time.
Investment Opportunities and Potential
Given the steady growth in housing prices and the increasing population, Ramea presents several enticing opportunities for real estate investors. The consistent appreciation of house prices points towards a reliable market where investments can grow steadily over time.
Single-family homes offer solid potential due to their higher appreciation rate compared to apartments. Investors looking at long-term gains may find these properties particularly appealing. Additionally, as the population continues to rise, rental properties could become an increasingly lucrative sector within the local real estate market.
Investors should consider both current market trends and demographic shifts when evaluating Ramea’s investment potential. The ongoing population growth may also open up opportunities for new residential developments and cater to a growing demand for modern living spaces.
Future Market Outlook
The future outlook for Ramea’s real estate market appears positive based on current trends and demographic data. The consistent increase in property values coupled with population growth suggests that the demand for housing will likely remain strong.
If the current trends persist, Ramea can expect continued moderate appreciation in property values over the coming years. However, investors and homebuyers should monitor local economic factors and any changes in migration patterns that could influence the market dynamics.
The stability of Ramea’s real estate market makes it an attractive option for those seeking to invest in Newfoundland and Labrador’s property sector. Careful consideration of future infrastructure developments and economic initiatives will be key in assessing the long-term value prospects within this market.
