Terrenceville, 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 | 0.6% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.9% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $575,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $330,000 |
| 3 bedrooms | $430,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,000 |
| Population Change | 5.1% |
| 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 in Terrenceville, Newfoundland and Labrador
The real estate market in Terrenceville, Newfoundland and Labrador, is currently exhibiting a stable growth pattern. The median house price stands at $485,000, with a year-over-year increase of 2.8%. This incremental growth suggests a healthy demand for housing in the area, which could be driven by the steady population growth of 5.14%. The area’s median apartment price has also seen an increase, albeit at a slightly slower pace, with a current value of $295,000 and a trend showing a 1.9% rise year-over-year. Both housing types are seeing gradual appreciation, indicating sustained confidence in the market.
Investment Opportunities and Potential
The real estate market in Terrenceville offers several appealing opportunities for investors. Given the steady growth in property values, investing in residential properties could potentially yield solid returns over the medium to long term. The consistent rise in both house and apartment prices points towards a resilient market that is capable of weathering economic fluctuations.
The continued population growth suggests an ongoing or increasing demand for rental properties. Investors looking to enter the rental market or expand their portfolio may find Terrenceville to be an attractive location due to its growing population base. Furthermore, properties such as multi-family units could present particularly promising prospects if this demographic trend continues.
Future Market Outlook
The future outlook for Terrenceville’s real estate market appears optimistic. Population growth has been robust at over 5%, which is likely to sustain demand for housing in the foreseeable future. If current trends persist, property prices are expected to continue their gradual ascent, making it an opportune time for both homeowners looking to sell and investors seeking long-term capital gains.
It will be important for stakeholders to monitor factors such as local economic developments and regional housing policies that can influence the market dynamics. Overall, if Terrenceville maintains its current trajectory of growth and stability, it should remain an attractive market for both residential buyers and real estate investors alike.
