Terrenceville, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $500,000 |
| Monthly growth | 1.2% |
| Quarterly trend | 3.5% |
| Stock on market | 0.8% |
Apartment
| Median price | $300,000 |
| Monthly growth | 0.9% |
| Quarterly trend | 2.1% |
| Stock on market | 1.2% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $400,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $600,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $250,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 14,000 |
| Population Change | 7.1% |
| 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 Terrenceville, Newfoundland and Labrador, is currently experiencing steady growth. With a median house price of $500,000 and an upward trend of 3.5% year-over-year, the housing market shows modest appreciation. Similarly, apartments are also seeing a positive trajectory with a median price of $300,000 and an increase of 2.1% year-over-year. These trends indicate a stable market that has managed to maintain continuous growth.
In addition to price trends, the population of Terrenceville has grown to 15,000 residents with a significant growth rate of 7.1%. This demographic expansion suggests an increasing demand for housing and can be seen as a positive signal for future real estate developments and investments in the area.
Investment Opportunities and Potential
The current market dynamics in Terrenceville present several opportunities for real estate investors. The consistent rise in property values coupled with the notable population growth indicates potential for both long-term capital gains and rental income strategies. Investors may find opportunities in purchasing residential properties to cater to the growing population or exploring new development projects.
Apartments seem to be an attractive investment vehicle as well, especially considering their slightly lower price trend relative to houses. Given the population increase, there could be a higher demand for more affordable housing options like apartments, which may provide investment diversification benefits.
Future Market Outlook
Looking ahead, the real estate market in Terrenceville appears promising. If current trends continue, with steady property value increases and sustained population growth, the market could see further stability and growth. However, investors should remain attentive to broader economic factors that might affect Newfoundland and Labrador’s real estate market, such as employment rates, interest rates, and government housing policies.
The infrastructure development that often accompanies population growth could also lead to new areas becoming desirable for living and investment. Therefore, keeping a close eye on urban planning initiatives in Terrenceville could offer early insights into future hot spots within the local real estate market.
In summary, Terrenceville offers compelling prospects for real estate investment based on the current data trends. The combination of steady price growth and significant population increases provides fertile ground for both immediate investment opportunities and optimistic future market performance.
