Millennials are benefiting from a confluence of factors, like low rates and minimal competition in the starter home segment, that have made homeownership less prohibitive.
Outer Cove Home Price
The median asking price in Outer Cove is $724,900, a substantial increase over the median three months ago which was $724,900 .
Want a cheaply priced house? Then at $724,900 this month, Outer Cove, Newfoundland and Labrador is definitely not for you price wise.
When it comes to the size of the properties currently available to property investors in this neighbourhood, they tend to have fewer bedrooms than the most commonly available across the nation.
Across Newfoundland and Labrador Outer Cove has the 71th most properties on offer with 197.
When we look at the data we have, it can help with trying to establish whether or not Outer Cove is a good investment target.
One of the important leading indicators for property investors is whether the amount of stock on the market is increasing or decreasing – as more comes on buyers have more choice so prices can tend to drop. In Outer Cove, the amount of stock on the market is about the same which is neither good nor bad indicator for house prices. Three months ago there were 5, this month we show 5.
Can we guarantee how well Outer Cove is going to do next year? No, but we can look at the data we have and use it as a starting point before doing research.
The amount of homes for sale in neighbourhood has stayed the same over the last three months – this means that supply and demand economics would mean that the pressure on house prices has also remained constant.
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