Bishopville, Nova Scotia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $510,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.7% |
| Stock on market | 0.8% |
Apartment
| Median price | $320,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $510,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $470,000 |
Demographics
| Current Population (2024) | 15,500 |
| Previous Population (2019) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,800 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
In Bishopville, Nova Scotia, the real estate market is currently experiencing a steady appreciation in property values. With a median house price of $510,000, the market has seen a year-over-year increase of 3.7%. This growth indicates a healthy demand for residential properties and a competitive marketplace for buyers. The median apartment price stands at $320,000, reflecting a slower yet still positive growth trend of 2.5% year-over-year. These figures suggest that while houses are in higher demand, apartments represent a more accessible entry point into the real estate market for many individuals.
Investment Opportunities and Potential
The current trends in Bishopville’s real estate market highlight several opportunities for investors. The consistent rise in house prices suggests that purchasing residential properties can yield significant returns over time. For those looking at rental investments, the increasing population, which has grown by 3.3% recently, suggests a rising demand for rental properties. Investors can capitalize on this demographic expansion by investing in both houses and apartments to cater to different segments of the market.
Future Market Outlook
The future outlook for Bishopville’s real estate market remains positive. The combination of steady population growth and continuous property value appreciation positions the market for ongoing prosperity. Assuming these trends persist, investors and homeowners can expect sustained increases in equity over the long term. However, potential buyers should remain vigilant about economic factors that could influence interest rates and affordability, which in turn may impact market dynamics.
