Westport, Newfoundland and Labrador Real Estate Market Data
Updated: Nov 2024
House
| Median price | $490,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| Stock on market | 0.6% |
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 | $490,000 |
| 4 bedrooms | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $330,000 |
| 3 bedrooms | $425,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,500 |
| Population Change | 4.8% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
1. Current Market Conditions and Trends
The real estate market in Westport, Newfoundland and Labrador, is currently experiencing stable growth. The median house price in the area is $490,000, which represents a year-over-year increase of 3.2%. This steady uptick indicates a healthy demand for residential properties and suggests a balanced market dynamic between buyers and sellers.
In comparison, the median apartment price is set at $295,000, with a slightly lower year-over-year growth of 2.5%. This difference in growth rates may reflect a more significant demand for single-family homes over apartments or could indicate a larger inventory of apartments available on the market.
The population of Westport stands at 15,200, with an impressive growth rate of 4.8%. This demographic expansion can be attributed to various factors such as economic opportunities, quality of life, and natural population growth, which concurrently drive the demand for housing in the region.
2. Investment Opportunities and Potential
Given the current market conditions and demographic trends, Westport presents several appealing opportunities for real estate investors. The consistent rise in housing prices points to a robust investment potential, particularly in the single-family home category that has experienced higher appreciation rates.
The steady population increase positions the rental market as another potential avenue for investment. As new residents seek accommodation, investors may benefit from purchasing properties to cater to this growing demand. Furthermore, the more moderate appreciation rate for apartments could allow investors to enter the market at a relatively lower entry point while still capitalizing on rental income and long-term asset appreciation.
3. Future Market Outlook
The future outlook of Westport’s real estate market remains positive. The sustained population growth is likely to continue bolstering housing demand, potentially leading to further price appreciations across both houses and apartments. Investors and homeowners alike can expect ongoing opportunities for asset value increases.
However, it is essential to monitor local economic developments and any changes in migration patterns that might impact these trends. The introduction of new housing developments or changes in zoning regulations could also influence future market dynamics. Nonetheless, based on current data, Westport’s real estate market appears poised for continued growth and offers promising prospects for those looking to invest or reside in the area.
