Westport, 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 in Westport, Newfoundland and Labrador
The real estate market in Westport, Newfoundland and Labrador, is currently experiencing steady growth. With a median house price of $500,000 and an annual increase of 3.5%, the market is demonstrating resilience and a positive trend. This growth rate suggests that despite economic fluctuations, the housing sector in Westport remains a stable investment opportunity. Similarly, the median apartment price stands at $300,000, with a slightly lower year-over-year growth rate of 2.1%. The discrepancy between house and apartment price trends could indicate a higher demand for single-family homes or a preference for more spacious living accommodations among local residents.
Investment Opportunities and Potential
Investment opportunities in Westport are promising due to the consistent growth in property values. Investors looking at the housing market can expect a gradual but steady appreciation in asset value, particularly when considering the 3.5% increase in median house prices. Apartments also present an attractive investment option with a 2.1% growth rate, catering to individuals who prefer lower maintenance properties or are seeking rental income opportunities.
The population of Westport has grown by 7.1%, indicating an expanding market that could drive demand for housing. This demographic shift likely contributes to the real estate market’s buoyancy and further underscores the potential for real estate investment in the region.
Future Market Outlook
Looking forward, the future market outlook for Westport appears optimistic. The combination of steady price increases, healthy population growth, and ongoing demand for housing suggests that the real estate market will continue to prosper. Assuming that economic conditions remain favorable and that the region continues to attract new residents at its current pace or higher, investors can reasonably anticipate continued growth in property values.
It’s important to monitor local economic developments and infrastructure investments as these factors can significantly impact future real estate trends. Nonetheless, given current data points and observed trends, Westport’s real estate market is poised for ongoing stability and growth.
