Newfoundland and Labrador Association of REALTORS®

The number of homes sold through the MLS® System of the Newfoundland and Labrador Association of REALTORS® totaled 340 units in January 2025. This was an increase of 28.8% from January 2024.

Home sales were 13.8% above the five-year average and 42.1% above the 10-year average for the month of January.

Residential activity in St. John’s posted an increase of 4.7% on a year-over-year basis in January, while activity in the rest of the province posted a jump of 45.2%.

Single detached home sales in St. John’s were unchanged from levels recorded in January 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 $306,100 in January 2025, increasing by 7.4% compared to January 2024.

The benchmark price for single-family homes was $307,500, a gain of 7.2% on a year-over-year basis in January. By comparison, the benchmark price for townhouse/row units was $315,400, up by 13.6% compared to a year earlier, while the benchmark apartment price was $264,400, an increase of 15.7% from year-ago levels.

The overall MLS® HPI composite benchmark price for homes in St. John’s was $367,600 in January 2025, an increase of 11% compared to January 2024.

The benchmark price for single-family homes in St. John’s was $381,300, a sizable gain of 10.7% on a year-over-year basis in January. By comparison, the benchmark price for townhouse/row units was $308,100, increasing by 13.7% compared to a year earlier, while the benchmark apartment price was $264,000, a gain of 15.6% from year-ago levels.

The average price of homes sold in January 2025 was $335,448, increasing by 12% from January 2024.

The dollar value of all home sales in January 2025 was $114.1 million, up sharply by 44.3% from the same month in 2024. This was also a new record for the month of January.

The number of new listings saw a minor decrease of 3.4% from January 2024. There were 619 new residential listings in January 2025.

New listings were 2.6% below the five-year average and 14.9% below the 10-year average for the month of January.

Active residential listings numbered 1,924 units on the market at the end of January, a notable decline of 21.9% from the end of January 2024. Active listings haven’t been this low in the month of January in more than 15 years.

Active listings were 24.7% below the five-year average and 39.3% below the 10-year average for the month of January.

Months of inventory numbered 5.7 at the end of January 2025, down from the 9.3 months recorded at the end of January 2024 and below the long-run average of 15.1 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.