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 (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 Conway, Nova Scotia, is currently characterized by steady growth. The median house price in the area is $500,000, which represents a year-over-year increase of 3.5%. This indicates a healthy demand for single-family homes and a market that is appreciating at a moderate pace. Similarly, apartment prices have seen an increase, with the median price reaching $300,000 and a growth trend of 2.1% over the past year.
The population of Conway stands at approximately 15,000 residents, with a robust growth rate of 7.1%. This significant population increase suggests an expanding local economy and potentially contributes to the demand for housing in the area. The combination of rising property values and population growth points towards active market conditions that are attracting both homeowners and investors alike.
Investment Opportunities and Potential
Given the current market trends, there are several potential investment opportunities in Conway’s real estate sector. Single-family homes present an attractive option for investors looking for long-term capital appreciation, as indicated by the steady increase in median house prices. Rental properties may also be an enticing avenue, especially considering the strong population growth that could drive rental demand.
Apartments represent another viable investment opportunity with their more modest year-over-year price increase. This slower growth rate may appeal to investors seeking more affordable entry points into the real estate market while still benefiting from the upward trend in property values.
Furthermore, as Conway continues to grow, there may be opportunities for development projects aimed at meeting the housing needs of its expanding population. This could include new residential construction or refurbishment of existing properties to enhance their value.
Future Market Outlook
The future outlook for Conway’s real estate market appears positive. With a strong population growth rate that outpaces many other regions, demand for housing is likely to remain high. If current economic conditions persist and the local job market remains stable or improves further, we can anticipate continued growth in property values for both houses and apartments.
The moderate pace of price increases suggests a balanced market that avoids the pitfalls of overheating but still offers ample opportunity for appreciation. Investors should monitor factors such as interest rates, employment figures, and regional economic developments to inform their strategies but can generally approach Conway’s real estate with cautious optimism.
In summary, Conway offers a promising environment for real estate investment grounded on solid market fundamentals: appreciating property values, robust population growth, and a balanced rate of expansion that supports sustainable long-term investments.
