Cookville, 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 Cookville, Nova Scotia, is currently exhibiting stable growth. With a median house price of $500,000 and an appreciative trend of 3.5% year-over-year, the market is showing signs of sustainable growth. This is a moderate pace that suggests a healthy balance between affordability and investment value retention.
The apartment sector is also on an uptrend with a median price set at $300,000 and experiencing a 2.1% increase year-over-year. This slower growth rate compared to houses may reflect a larger market preference for detached housing in this region or potentially a greater supply of apartments.
The local population has reached 15,000 people and is growing at a rate of 7.1%, which is significantly higher than many other regions. This sharp increase indicates strong potential demand for housing in the near future.
Investment Opportunities and Potential
Given the steady appreciation in property values coupled with significant population growth, Cookville presents viable investment opportunities. The consistent rise in median house prices suggests that purchasing residential real estate now could yield capital gains for investors as demand continues to grow.
Apartments offer a lower entry point for investment at $300,000 and could appeal to those looking to tap into the rental market. As the population increases, there will likely be higher demand for rental properties, particularly from new residents not yet ready to purchase their own homes.
Investors should also consider the long-term development potential of Cookville. With substantial population growth, there may be opportunities for new construction projects or redevelopment of existing properties to meet changing demands.
Future Market Outlook
The future outlook for Cookville’s real estate market remains positive. The significant population growth will continue to drive demand for housing. If economic conditions remain favourable and supply does not outpace demand significantly, we can expect to see continued appreciation in property values.
The steady growth in house prices indicates a market that is likely to remain attractive for both primary residence buyers and investors alike. The current trends suggest that Cookville’s real estate market could be resilient against potential downturns due to its robust population growth and ongoing demand.
In conclusion, Cookville’s real estate market shows promising signs for the future with its balanced growth rates and burgeoning population. Stakeholders are encouraged to monitor the region closely as it continues to evolve.
