Summerville, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 2.8% |
| Stock on market | 0.5% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.7% |
| Quarterly trend | 1.9% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $585,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $320,000 |
| 3 bedrooms | $420,000 |
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) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Summerville, Newfoundland and Labrador is currently experiencing a steady growth, with both house and apartment prices showing an upward trend. The median house price stands at $485,000, marking a 2.8% increase year-over-year. This suggests a healthy demand for detached homes within the region. Similarly, the median price for apartments has seen a modest rise to $295,000 – up by 1.9% from the previous year. These trends indicate a balanced market that favors both buyers and sellers.
Summerville’s population has grown by 3.3% which is higher than the national average, signaling an influx of new residents and potential homebuyers. This demographic shift could further stimulate demand for housing in both purchase and rental markets.
Investment Opportunities and Potential
The consistent growth in property values coupled with the expanding population offers promising investment opportunities in Summerville’s real estate market. Investors can expect continued appreciation in property values based on current trends, making it an opportune time to invest in residential properties. Detached homes are particularly appealing given their higher year-over-year price increase.
For those considering rental properties as investments, the increasing population suggests a growing rental market with potential for strong yields. Apartments could be especially attractive to investors due to their lower entry price point and high demand among newcomers to the area who may prefer more affordable or flexible living arrangements.
Future Market Outlook
Looking ahead, the future of Summerville’s real estate market appears optimistic. The sustained population growth serves as a cornerstone for long-term demand for housing. Assuming economic conditions remain stable in Newfoundland and Labrador, we can anticipate continued moderate growth in property values.
Potential headwinds such as economic fluctuations or changes in mortgage rates could impact the pace of growth; however, the fundamentals of Summerville’s market – including its growing population and desirability as a place to live – provide a buffer against significant downturns.
