Charleston, 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 Charleston, Nova Scotia is experiencing a steady growth in property values. With the median house price currently at $500,000, there has been an increase of 3.5% year-over-year. This suggests a healthy demand for housing in the area. Similarly, the median apartment price stands at $300,000, reflecting a more modest growth of 2.1% year-over-year.
The market is benefitting from a robust population growth of 7.1%, which currently puts Charleston’s population at around 15,000 residents. This influx of new residents may be contributing to the increased demand for housing and can be seen as a positive indicator for sustained market activity.
Investment Opportunities and Potential
The consistent rise in property values presents numerous opportunities for real estate investors looking to capitalize on the growing Charleston market. The steady increase in median house prices indicates room for potential capital gains for long-term investments. Additionally, the smaller yet positive growth rate in apartment prices suggests that this sector might be ripe for investors focused on rental income, as the expanding population could lead to greater demand for rental properties.
Investors should consider diversifying their portfolios by investing in both residential and apartment units to take advantage of different market dynamics. Furthermore, with the ongoing population growth, there is potential for new developments and construction projects to meet the housing needs of incoming residents.
Future Market Outlook
The future outlook for Charleston’s real estate market remains optimistic based on current trends and demographic indicators. The strong population growth is likely to continue fueling demand for both purchasing and renting properties. If these trends persist, investors can reasonably expect ongoing appreciation in property values.
However, it’s important to monitor economic factors that could influence consumer confidence and interest rates, as these will have direct effects on the affordability and attractiveness of real estate investments. Keeping an eye on local development plans and zoning changes can also provide insights into where the market may have untapped potential or where it may become saturated.
In conclusion, Charleston’s real estate market appears poised for continued growth given its present trajectory; however, investors should remain vigilant about broader economic conditions and local developments that could impact future market performance.
