Centreville, 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 Centreville, Nova Scotia, is currently characterized by steady growth. With a median house price of $500,000, the market has experienced a year-over-year increase of 3.5%. This indicates a consistent rise in property values, which could be attributed to various factors such as the influx of people into the area or shortage of housing stock.
The apartment sector is also seeing an upward trend but at a slower pace with a year-over-year increase of 2.1%, bringing the median apartment price to $300,000. This difference in growth rates between houses and apartments may suggest that single-family homes are in higher demand for the region’s demographic or that there’s an increased interest in more spacious living accommodations.
Investment Opportunities and Potential
With the population of Centreville growing at a rate of 7.1%, there is evident potential for investment, particularly in residential real estate. The increase in population often leads to higher demand for housing which can push property values up over time. Given the current trends, investing in both houses and apartments could provide good long-term returns as property prices are likely to continue their upward trajectory.
Investors should however be mindful of local market dynamics and any upcoming changes to zoning or development policies that could impact future property values. Rental properties could also offer a viable investment opportunity due to the population growth and corresponding demand for rental accommodations.
Future Market Outlook
The future outlook for Centreville’s real estate market appears positive. The sustained population growth suggests that demand for housing will remain strong which is likely to support continued appreciation in property values. If the current trends persist, we can expect both house and apartment prices to maintain a steady increase.
However, it’s crucial for investors and potential homebuyers to stay informed on external factors such as changes in interest rates, economic stability, and government policies related to housing that could influence market conditions. For now, the data points toward a robust market with ongoing opportunities for both homebuyers and investors alike.
