Berichan, Nova Scotia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $490,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 4.0% |
| Stock on market | 0.6% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $490,000 |
| 4 bedrooms | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $430,000 |
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) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Berichan, Nova Scotia is currently experiencing a period of moderate growth. The median house price stands at $490,000, with a year-over-year increase of 4%. This trend indicates a healthy demand for single-family homes and suggests that the market is steadily appreciating. Meanwhile, the median apartment price is reported at $295,000, having risen by 2.5% over the past year. This slower pace of growth in the apartment sector may reflect a more significant interest in detached housing or a saturation in the apartment market.
Investment Opportunities and Potential
Berichan’s real estate market offers attractive investment opportunities with its current growth trends. The steady increase in house prices points towards a stable environment for investors seeking long-term capital gains. The population of Berichan has grown by 3.3%, indicative of an expanding local economy and potential for rental demand. Investment in both residential properties for capital appreciation and rental units could yield favorable returns as the population continues to climb.
Future Market Outlook
The future outlook for Berichan’s real estate market appears promising. Considering the consistent population growth rate of 3.3%, there is likely to be sustained demand for housing units which should support further price increases, albeit at a measured pace given the current trends. Long-term investments in this region are expected to benefit from these dynamics as Berichan continues to develop. However, investors should remain aware of regional economic factors and potential policy changes that could affect market conditions.
