Summerford, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $489,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| Stock on market | 0.6% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.9% |
| Stock on market | 1.3% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $425,000 |
| 3 bedrooms | $489,000 |
| 4 bedrooms | $575,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $245,000 |
| 2 bedrooms | $335,000 |
| 3 bedrooms | $420,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 14,400 |
| Population Change | 4.2% |
| 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 Summerford, Newfoundland and Labrador is currently experiencing steady growth. With a median house price of $489,000, the market has seen a 3.2% year-over-year increase. This suggests that housing demand is consistent, and prices are rising at a moderate pace. Similarly, the median apartment price stands at $295,000, which indicates a slightly lower but still positive year-over-year growth rate of 1.9%. The population of Summerford has reached approximately 15,000 residents, with a notable growth rate of 4.2%, reflecting potential for increased housing demand in the near future.
Investment Opportunities and Potential
The current trends indicate that investing in Summerford’s real estate could be promising. The steady increase in property values combined with significant population growth suggests that there is ongoing and potentially increasing demand for housing. Investors might consider purchasing residential properties to capitalize on the appreciation trend or explore opportunities in rental properties to cater to the growing population. Moreover, the difference in price trends between houses and apartments may present diverse investment strategies, favoring either single-family homes or multi-unit residential buildings depending on investor preference and market response.
Future Market Outlook
The outlook for the Summerford real estate market appears optimistic. The continuous upward trend in house prices, coupled with robust population growth, points towards an enduring demand for housing. As long as the local economy provides stability and employment opportunities, the real estate market is likely to maintain its positive trajectory. Investors should monitor economic indicators such as employment rates, infrastructure developments, and government policies that may impact the region’s real estate dynamics. While current data paints a favorable picture, prudent investors will keep an eye on both local and broader economic factors to make informed decisions about their investments in Summerford’s property market.
