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 (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 Broadway, Nova Scotia, is currently experiencing a stable growth phase. The median house price in the area stands at $500,000, reflecting a year-over-year increase of 3.5%. This steady rise indicates a healthy demand for single-family homes and suggests that the market is not overheated but rather growing at a sustainable rate.
In comparison, the apartment sector is also showing positive growth with a median price of $300,000 and a somewhat slower year-over-year increase of 2.1%. The differential in growth rates between houses and apartments may point to a more significant demand for detached homes in Broadway, which could be due to demographic factors such as family sizes or preferences for more spacious living accommodations.
The population of Broadway has grown by 7.1%, indicating that the area is attracting new residents. This increase in population could be contributing to the demand for housing and helping sustain the market’s upward trajectory.
Investment Opportunities and Potential
Broadway’s real estate market offers promising investment opportunities, especially considering the harmonious balance between steady price appreciation and population growth. The consistent rise in property values suggests that investments made today have a good chance of appreciating over time.
For investors interested in rental properties, the growing population implies a potential increase in rental demand. This could be especially relevant for those looking to invest in apartments, as they are more affordable and might appeal to individuals or smaller households moving into the area.
The current trends also suggest that there is room for development projects aimed at meeting the housing needs of an expanding population. This could include new residential subdivisions or multi-unit dwellings that cater to various segments of the market.
Future Market Outlook
The future real estate market outlook for Broadway, Nova Scotia appears positive. Assuming current trends continue—modest but consistent price growth coupled with population increases—the market seems poised for continued health and stability.
However, potential investors should monitor external economic factors that might impact interest rates, employment levels, and overall economic health in Nova Scotia which can influence buyer confidence and purchasing power.
In conclusion, Broadway presents itself as an attractive locale for both homeownership and real estate investment. With its steady price growth, increasing population base, and the potential for rental income or property appreciation, stakeholders would do well to consider Broadway’s burgeoning market for their next investment venture.
