Summerville, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| 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 | $590,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $345,000 |
| 3 bedrooms | $440,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,800 |
| Population Change | 2.7% |
| Total Private Dwellings | 6,100 |
| Occupied Private Dwellings | 5,600 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The Summerville real estate market is currently experiencing modest growth in property values. The median house price stands at $485,000, marking a year-over-year increase of 3.2%. This incremental growth indicates a stable market that is slightly outpacing inflation, suggesting a healthy demand for single-family homes.
Similarly, the apartment sector has seen a rise in value with the median apartment price reaching $295,000, which is up 2.5% from the previous year. This growth may reflect a trend towards affordable housing options or an increase in demand for rental properties among the population.
The local population has grown to 15,200 residents, with an annual growth rate of 2.7%. This steady increase in population is likely contributing to the sustained demand for housing in the area and could be indicative of economic stability and job market health within Summerville.
Investment Opportunities and Potential
The consistent rise in property values presents potential investment opportunities in Summerville’s real estate market. The stable increment in house prices suggests that investments in residential properties are likely to yield positive returns through capital appreciation over the medium to long term.
With an ongoing population growth, there is potential for both buy-and-hold residential real estate investors and developers to capitalize on the increasing demand for housing. Specifically, investing in apartments could be attractive due to their lower entry price point and their higher year-over-year percentage increase compared to houses.
Futhermore, considering the broader market stability, Summerville may offer opportunities for diversification in investment portfolios that aim to include real estate assets with steady growth prospects.
Future Market Outlook
The future outlook of Summerville’s real estate market remains cautiously optimistic. Given the solid foundation of continuous population growth and consistent gains in property values, it’s reasonable to anticipate that these trends will continue into the near future.
The sustained increment in prices at a rate above inflation suggests that there will be ongoing opportunities for capital gains for those investing in local real estate. Additionally, as the population grows and potentially attracts more commercial activity, there could be ancillary benefits to property owners through increased rental demands and bolstered local economies.
In conclusion, while external economic factors can always introduce variability into market forecasts, current indicators suggest that Summerville’s real estate market is poised for continued steady growth and offers promising prospects for both residential real estate investors and homeowners alike.
