Sunnyside, 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 | 0.7% |
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 | $425,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $575,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $425,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,000 |
| Population Change | 5.1% |
| 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 in Sunnyside, Newfoundland and Labrador
In Sunnyside, the real estate market is currently experiencing steady growth. The median house price stands at $485,000, reflecting a year-over-year increase of 3.2%. This suggests a stable demand for housing in the area, likely driven by factors such as local economic conditions and demographic trends. Similarly, the median apartment price has reached $295,000, with a slightly lower year-over-year price trend of 2.5%. These figures indicate that the market is growing at a moderate pace, making it an attractive environment for potential homeowners and investors alike.
The population of Sunnyside has also seen significant growth, with an increase of 5.14% reported. This uptick in population growth can be a contributing factor to the rising demand for residential properties and could signal further market expansion in the coming years.
Investment Opportunities and Potential
The current growth patterns observed in Sunnyside’s real estate market present several investment opportunities. The consistent appreciation in property values offers potential for capital gains over the long term. Investors considering entry into this market could benefit from focusing on single-family homes, as indicated by the higher appreciation rate compared to apartments.
Moreover, the increasing population suggests there may be a growing rental demand. For those looking to invest in rental properties, apartments could be particularly appealing due to their more accessible price point at $295,000 and their appeal to smaller households or individuals drawn to urban living environments.
Future Market Outlook
The future outlook for Sunnyside’s real estate market remains optimistic. Given the solid population growth rate and consistent appreciation of property values, it is expected that both housing demand and prices will continue to ascend. Should these trends persist alongside favorable economic conditions and continued investment in local infrastructure and amenities, Sunnyside could sustain its position as an attractive market for both homebuyers and investors.
However, it is important for stakeholders to keep an eye on broader economic indicators as well as changes in local policies that may impact the real estate landscape. Staying informed will be key to navigating any potential fluctuations or shifts within the market effectively.
