Newfoundland and Labrador Association of REALTORS®

The number of homes sold through the MLS® System of the Newfoundland and Labrador Association of REALTORS® totaled 514 units in May 2025. This was a moderate gain of 8% from May 2024.

Home sales were 1.3% above the five-year average and 25.3% above the 10-year average for the month of May.

On a year-to-date basis, home sales totaled 1,938 units over the first five months of the year. This increased by 13.5% from the same period in 2024.

Residential activity in St. John’s was up by 29.5% on a year-over-year basis in May, while activity in the rest of the province was essentially unchanged, down just 0.3%.

Single detached home sales in St. John’s posted a sizable gain of 21.2% from levels recorded in May 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 $316,100 in May 2025, a gain of 8.6% compared to May 2024.

The benchmark price for single-family homes was $318,200, up by 8.5% on a year-over-year basis in May. By comparison, the benchmark price for townhouse/row units was $298,800, a minor decrease of 2.3% compared to a year earlier, while the benchmark apartment price was $259,200, rising 13.3% from year-ago levels.

The overall MLS® HPI composite benchmark price for homes in St. John’s was $378,300 in May 2025, up by 10.9% compared to May 2024.

The benchmark price for single-family homes in St. John’s was $394,500, an increase of 11.2% on a year-over-year basis in May. By comparison, the benchmark price for townhouse/row units was $292,000, a small reduction of 1.9% compared to a year earlier, while the benchmark apartment price was $259,000, increasing by 13.3% from year-ago levels.

The average price of homes sold in May 2025 was $337,608, a gain of 10.3% from May 2024.

The more comprehensive year-to-date average price was $332,669, up by 9.4% from the first five months of 2024.

The dollar value of all home sales in May 2025 was $173.5 million, an increase of 19.1% from the same month in 2024. This was also a new record for the month of May.

The number of new listings saw a moderate decrease of 8.2% from May 2024. There were 973 new residential listings in May 2025. This was the lowest number of new listings added in the month of May in five years.

New listings were 10.4% below the five-year average and 15.8% below the 10-year average for the month of May.

Active residential listings numbered 2,620 units on the market at the end of May, a substantial decline of 22.3% from the end of May 2024. Active listings haven’t been this low in the month of May in two decades.

Active listings were 24.3% below the five-year average and 38% below the 10-year average for the month of May.

Months of inventory numbered 5.1 at the end of May 2025, down from the 7.1 months recorded at the end of May 2024 and below the long-run average of 11.6 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.