Summerford, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.0% |
| Stock on market | 0.9% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $330,000 |
| 3 bedrooms | $425,000 |
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
The real estate market in Summerford, Newfoundland and Labrador is currently experiencing moderate growth. The median house price stands at $485,000, which reflects a year-over-year increase of 4%. This suggests a steady demand for housing in the area, likely influenced by local economic factors and demographic trends. Similarly, apartments are seeing an appreciation in value with the median price at $295,000 and a growth trend of 2.5% year-over-year. The consistent growth in property values indicates a balanced market that is attracting homeowners and investors alike.
Investment Opportunities and Potential
With the population of Summerford expanding by 3.3%, currently standing at 15,500, there is potential for continued demand in the real estate market. Investment opportunities may be particularly promising for those considering rental properties or apartment developments, as the population increase could translate into heightened demand for more affordable and smaller-scale housing options. Moreover, given that prices for both houses and apartments are on an upward trend, investments made today could benefit from capital appreciation over time.
Future Market Outlook
The future outlook of Summerford’s real estate market appears optimistic. Continued population growth paired with steady increases in property values suggest that the market will remain robust in the near term. Assuming that local economic conditions remain favorable, such as employment rates and income levels keeping pace with real estate prices, the market should sustain its current trajectory. Investors and prospective homeowners should monitor economic indicators closely to make informed decisions, as these will play a critical role in shaping the real estate landscape of Summerford.
