Cambridge, 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 Cambridge, Nova Scotia is currently characterized by moderate growth. With a median house price of $500,000, the market has observed a year-over-year increase of 3.5%. This growth rate suggests a steady demand for housing in the area, without the volatility seen in more urban markets. Similarly, the median apartment price stands at $300,000 and has experienced a slightly lower growth rate of 2.1% year-over-year. The differing growth rates between houses and apartments could indicate a stronger preference for single-family homes among buyers in Cambridge.
Cambridge’s population of 15,000 residents is growing at a significant pace with a 7.1% increase, possibly fueling the real estate demand. This demographic trend points to an expanding community that could sustain and drive future real estate market activity.
Investment Opportunities and Potential
The steady growth in property values coupled with the robust population increase positions Cambridge as an attractive market for real estate investment. Single-family homes, given their higher appreciation rate, present particularly favorable conditions for investors looking for long-term capital gains. However, the apartment sector should not be overlooked; with its lower entry price point and consistent growth, it offers opportunities for rental income streams and diversification of investment portfolios.
Investors should also consider potential development projects due to the population growth. There may be increased demand for both residential and mixed-use developments that cater to the new residents’ needs. Such developments could yield high returns on investment if executed in line with community growth and planning guidelines.
Future Market Outlook
The future outlook for Cambridge’s real estate market appears positive based on current trends and demographic data. Assuming continued economic stability and population growth at or near current rates, we can anticipate sustained demand for housing which should support further property value appreciation over time. However, investors must remain mindful of external economic factors such as interest rate changes, employment levels within the region, and broader national economic trends that could affect local market conditions.
Overall, Cambridge presents itself as a stable market with healthy growth potential for savvy investors who are willing to capitalize on both current trends and future opportunities.
