Conway, 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 Conway, Nova Scotia is currently experiencing steady growth. The median house price stands at $500,000, with a year-over-year increase of 3.5%. This indicates a healthy demand for single-family homes in the region. Similarly, the median apartment price has reached $300,000, following a somewhat slower but consistent upward trend of 2.1% year-over-year. The local population has reached 15,000 residents and is growing at a rate of 7.1%, which is considerably higher than the national average. This population growth is likely contributing to the sustained demand for housing and could be indicative of a robust local economy and an influx of new residents looking for living accommodations.
Investment Opportunities and Potential
The real estate market in Conway presents attractive investment opportunities given the positive trends in property values and population growth. The consistent increase in property prices suggests that investments made in residential properties are likely to appreciate over time. For investors looking at rental properties, the growing population implies a potential for strong rental demand, particularly as the apartment price trend remains positive.
Moreover, with a median house price of $500,000 that is outpacing the growth seen in apartment valuations, there may be untapped potential in the apartment sector. Investors could potentially benefit from acquiring and developing multi-family units or investing in existing ones to cater to those who cannot afford higher-priced single-family homes or prefer the flexibility of renting.
Future Market Outlook
The future outlook for Conway’s real estate market appears promising. With a robust population growth rate significantly exceeding national averages, demand for housing is expected to remain strong. If current economic conditions persist and no significant external shocks occur, both the housing and apartment markets should continue on their upward trend.
In light of these factors, investors may find it prudent to act sooner rather than later to capitalize on current growth trends. However, it remains important to monitor local economic indicators such as employment rates, infrastructure developments, and migration patterns that could affect market conditions moving forward.
