Newfoundland and Labrador Association of REALTORS®

The number of homes sold through the MLS® System of the Newfoundland and Labrador Association of REALTORS® totaled 339 units in March 2025. This was a moderate gain of 9.7% from March 2024.

Home sales were 10.5% below the five-year average and 6.9% above the 10-year average for the month of March.

On a year-to-date basis, home sales totaled 1,019 units over the first three months of the year. This increased by 19.3% from the same period in 2024.

Residential activity in St. John’s posted a moderate gain of 9.7% on a year-over-year basis in March, while activity in the rest of the province increased by 9.7%.

Single detached home sales in St. John’s posted a modest gain of 2% from levels recorded in March 2024.

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $307,300 in March 2025, a moderate gain of 6.7% compared to March 2024.

The benchmark price for single-family homes was $309,100, increasing by 6.7% on a year-over-year basis in March. By comparison, the benchmark price for townhouse/row units was $303,600, a modest gain of 3.8% compared to a year earlier, while the benchmark apartment price was $259,000, up by 8.6% from year-ago levels.

The overall MLS® HPI composite benchmark price for homes in St. John’s was $370,500 in March 2025, was a sizable gain of 10.6% compared to March 2024.

The benchmark price for single-family homes in St. John’s was $385,500, increasing by 11% on a year-over-year basis in March. By comparison, the benchmark price for townhouse/row units was $295,700, a modest gain of 3.9% compared to a year earlier, while the benchmark apartment price was $258,500, up by 8.5% from year-ago levels.

The average price of homes sold in March 2025 was a record $352,370, a gain of 18.2% from March 2024.

The more comprehensive year-to-date average price was $332,534, up by 9.9% from the first three months of 2024.

The dollar value of all home sales in March 2025 was $119.5 million, an increase of 29.7% from the same month in 2024.

The number of new listings saw a moderate gain of 8.8% from March 2024. There were 719 new residential listings in March 2025.

New listings were 5.4% below the five-year average and 7.7% below the 10-year average for the month of March.

Active residential listings numbered 2,100 units on the market at the end of March, a substantial decline of 22.5% from the end of March 2024. Active listings haven’t been this low in the month of March in two decades.

Active listings were 25% below the five-year average and 40% below the 10-year average for the month of March.

Months of inventory numbered 6.2 at the end of March 2025, down from the 8.8 months recorded at the end of March 2024 and below the long-run average of 12 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.