Clare, 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 Clare, Nova Scotia, is currently experiencing steady growth. With a median house price of $500,000 and a year-over-year increase of 3.5%, the market is showing healthy appreciation rates that are attractive to homeowners and investors alike. This growth is slightly above the national average, indicating a robust local economy and high demand for housing in the area.
The apartment sector is also showing positive trends with a median price of $300,000 and a more modest year-over-year increase of 2.1%. This slower pace suggests that apartments are an accessible entry point for first-time buyers or those looking for more affordable housing options.
Clare’s population stands at around 15,000 residents and has seen an impressive growth rate of 7.1%. This influx of new residents can be attributed to various factors including economic opportunities, natural beauty, and a desirable lifestyle which contribute to the demand for housing in the region.
Investment Opportunities and Potential
Investors considering Clare for real estate opportunities should be encouraged by the steady house price growth and significant population increase. The consistent rise in property values indicates a strong and stable market with potential for continued capital gains. Rental properties could also be a viable investment due to the growing population, potentially leading to an increased demand for rental accommodations.
Apartment investments may offer lower entry costs and cater to a segment of the market seeking more affordable living or rental options. The moderate appreciation trend in this sector provides a balanced opportunity for investors seeking long-term growth with lower risk.
Future Market Outlook
The future outlook for Clare’s real estate market appears promising. Given the solid foundation of current market conditions and demographic trends, it’s reasonable to expect that Clare will continue to see stable growth in property values. The ongoing population increase will likely fuel demand for both purchasing and renting properties.
As long as economic conditions remain favorable, with continued job creation and infrastructural development, we can anticipate sustained interest in Clare’s real estate from both domestic buyers and potentially international investors drawn to the region’s charm and investment potential.
In conclusion, Clare presents itself as an attractive location with strong fundamentals supporting its real estate market’s health and future growth prospects.
