Newfoundland and Labrador Residential Real Estate Market Update: March 2025 Performance and Trends
In March 2025, the Newfoundland and Labrador Association of REALTORS® (NLAR) reported that residential real estate activity maintained solid momentum even as available inventories continued to tighten.
Sales
Across Newfoundland and Labrador, MLS® home sales reached 339 units in March 2025, representing a 9.7% increase compared to March 2024. Despite this year-over-year (y/y) gain, sales remained 10.5% below the five-year March average and 6.9% above the ten-year March average. In St. John’s, single detached sales edged up by 2.0% y/y in March 2025.
On a broader timeframe, the first three months of 2025 saw 1,019 home sales, a 19.3% rise from Q1 2024. Single detached homes sold were up 19.1% in Q1 2024, while multi-family units were up 11.4%. Within St. John’s, Q1 2025 single detached sales numbered 161 units, a gain of 14 units over Q1 2024, while multi-family sales held steady at 87 units. Residential transactions in St. John’s climbed by 9.7%, matching the 9.7% increase in the rest of the province.
Source: CREA
Source: CREA
Listings and Inventory
March 2025 saw 719 new residential listings, an 8.8% increase from March 2024. However, this was 5.4% below the five-year March average and 7.7% below the ten-year March average.
By the end of March 2025, active residential listings had fallen to 2,100 units, a 22.5% decline from the end of March 2024, 25% below the five-year March average and 40% below the ten-year March average.
The months-of-inventory metric, which estimates how many months it would take to sell all current listings at the prevailing sales pace, stood at 6.2 months at the end of March 2025. This figure represents a significant tightening from 8.8 months at the end of March 2024.
Single detached homes decreased to 7.4 months of inventory at quarter-end, down from 10.0 months in Q1 2024, for the lowest first-quarter level ever recorded provincially. In St. John’s, this metric fell to 3.0 months from 5.7 months, marking the lowest first-quarter level on record for the city, as well.
For multi-family units, there was 4.2 months of inventory at quarter-end, down from 5.8 months in Q1 2024. In St. John’s, the multi-family inventory remained at 3.6 months, unchanged from the prior year.
