Bayside, Nova Scotia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $525,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.0% |
| Stock on market | 0.7% |
Apartment
| Median price | $310,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $450,000 |
| 3 bedrooms | $525,000 |
| 4 bedrooms | $650,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $460,000 |
Demographics
| Current Population (2024) | 15,500 |
| Previous Population (2019) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends in Bayside, Nova Scotia
The real estate market in Bayside, Nova Scotia is currently experiencing steady growth. The median house price stands at $525,000, demonstrating a solid year-over-year increase of 4%. This suggests that the housing market is gaining strength, with demand potentially outpacing supply. Similarly, the median apartment price has grown to $310,000, with a slightly lower growth rate of 2.5% year-over-year. This indicates that the apartment market is also expanding but at a more moderate pace.
Alongside pricing trends, Bayside’s population has seen a significant growth of 3.3%. This increase in residents may be contributing to the growing demand for housing in the area. The population growth can be attributed to various factors including Bayside’s quality of life, economic opportunities, and its attractiveness to both retirees and young professionals.
Investment Opportunities and Potential in Bayside
Given the current market trends, Bayside offers promising investment opportunities. The consistent rise in property values implies that early investments could yield substantial long-term benefits. Additionally, with the population on an upward trajectory, there will likely be an enduring need for both rental and owner-occupied properties.
Investors may find particular value in targeting the single-family home segment where growth is more pronounced at 4%. However, apartments should not be overlooked given their 2.5% price increase and appeal to singles, young couples, and downsizers. Furthermore, with interest rates fluctuating globally, some buyers might prefer more affordable housing options like apartments.
Future Market Outlook for Bayside
The future market outlook for Bayside appears optimistic. If the current trends persist or improve, property values are expected to continue their upward trajectory. The ongoing population growth will serve as a catalyst for sustained demand in the real estate sector.
However, potential investors and homeowners should monitor key economic indicators such as employment rates, interest rates, and regional development plans which could impact the market dynamics significantly. Moreover, as new inventory enters the market or if there’s a shift in consumer preferences towards urban or rural living post-pandemic adjustments may affect price points.
In conclusion, careful analysis of ongoing trends and staying informed about local economic developments are crucial steps for anyone considering entering Bayside’s real estate market. Prudent investments made today have the potential to capitalize on Bayside’s growing status as a desirable place to live within Nova Scotia.
