Bristol, Nova Scotia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $500,000 |
| Monthly growth | 1.2% |
| Quarterly trend | 3.5% |
| Stock on market | 0.8% |
Apartment
| Median price | $300,000 |
| Monthly growth | 0.9% |
| Quarterly trend | 2.1% |
| Stock on market | 1.2% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $400,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $600,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $250,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2024) | 15,000 |
| Previous Population (2019) | 14,000 |
| Population Change | 7.1% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,500 |
| Population Density (per km²) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Bristol, Nova Scotia, currently exhibits a steady growth pattern. The median house price stands at $500,000, with an observed year-over-year increase of 3.5%. This increment suggests a healthy demand for housing, while still maintaining accessibility for potential homebuyers. The apartment sector also shows positive momentum, with the median price at $300,000 and an annual appreciation trend of 2.1%. These figures indicate a more modest but consistent rise in value, making apartments a potentially attractive choice for first-time buyers and investors alike.
The population of Bristol has experienced significant growth, reporting a 7.1% increase. This demographic shift is likely contributing to the rising demand for housing within the region. As the population continues to grow, we can anticipate persistent pressure on both housing supply and prices.
Investment Opportunities and Potential
In light of the current market conditions, Bristol presents several noteworthy investment opportunities. Given the steady increase in property values coupled with substantial population growth, investors may find long-term capital gains in both residential and rental property investments.
Residential properties, particularly houses which are appreciating at a higher rate than apartments, offer an opportunity for solid equity growth over time. Investors should also consider the rental market’s potential due to the influx of new residents and the growing demand for housing.
Moreover, with apartments appreciating at a slightly lower rate than houses, there exists potential for entry-level investment options that could appeal to a broader range of investors. These assets could be particularly attractive as they may provide both rental income and capital appreciation.
Future Market Outlook
The future real estate market outlook for Bristol remains optimistic. As long as the population continues to grow at its current pace, it is reasonable to expect ongoing demand for housing. If economic conditions remain stable and no significant changes occur in mortgage rates or government housing policies, the market is likely poised for sustained growth.
However, investors and homebuyers should remain attentive to local economic developments as well as national trends that could influence mortgage rates and affordability. Keeping an eye on infrastructure projects or major employment drivers can also provide insight into where the most robust market growth might occur within Bristol.
In conclusion, while the current trends are promising, it is essential for stakeholders to maintain due diligence and monitor key indicators closely when considering investments or purchases in the Bristol real estate market.
