Broadway, 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 (2025) | 15,000 |
| Previous Population (2020) | 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 Broadway, Nova Scotia currently presents a stable environment with consistent growth. The median house price in the region is $500,000, which has experienced a year-over-year increase of 3.5%. This suggests a healthy demand for houses in the area, reflecting a robust local economy and an attractive living environment.
In contrast, the median apartment price stands at $300,000, with a slightly lower growth rate of 2.1% year-over-year. This difference in growth rates between houses and apartments may indicate a stronger preference or demand for single-family homes in Broadway.
Broadway’s population has shown significant growth, with an increase of 7.1%. Such demographic trends can have multiple implications on the housing market, including increased demand for both rental and owned properties.
Investment Opportunities and Potential
Given the steady appreciation in property values, Broadway offers promising investment opportunities for both residential properties and rental units. The continuous population growth further bolsters the potential for real estate investments as demand is likely to surge alongside the increasing populace.
Investors looking towards immediate cash flow may consider the apartment market due to its lower entry price point and consistent year-over-year growth. However, single-family homes represent a potentially higher long-term appreciation based on their higher growth rate.
The current trends suggest that investing now could be opportune before prices potentially accelerate further due to mounting demand. Strategic investments in areas of Broadway likely to see infrastructure development or economic expansion could yield substantial returns.
Future Market Outlook
The future outlook for Broadway’s real estate market remains positive, given current trends and demographic factors. Should the population continue to grow at or near its current rate of 7.1%, it can be anticipated that demand for housing will remain strong, supporting continued property value appreciation.
The consistent upward trend in house prices indicates that Broadway may become increasingly desirable as a place to live and invest in coming years. Nevertheless, it’s crucial to monitor economic indicators and local developments closely, as these will influence long-term market performance.
In conclusion, careful consideration of location-specific factors such as employment rates, local government policies, and emerging industry sectors will be essential in evaluating future real estate investment decisions in Broadway.
