Creignish, Nova Scotia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| Stock on market | 0.6% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.0% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $425,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $575,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2024) | 15,025 |
| Previous Population (2019) | 14,000 |
| Population Change | 7.4% |
| Total Private Dwellings | 6,050 |
| Occupied Private Dwellings | 5,600 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Creignish, Nova Scotia is currently experiencing steady growth as indicated by the year-over-year house price trend. The median house price stands at $485,000, marking a 3.2% increase from the previous year. This suggests a healthy demand for housing in the area which could be due to several factors including the region’s natural beauty, local amenities, and community lifestyle that attract buyers. Similarly, apartment prices have seen a rise with a median value of $295,000, following a 2% year-over-year growth. This consistent appreciation in property values is indicative of a stable market that could be appealing to homeowners and investors alike.
Investment Opportunities and Potential
The investment landscape in Creignish is promising due to its positive population growth rate of 7.4%. This increase in residents suggests an expanding labor market and consumer base which are critical factors for sustained economic development. As the population continues to grow, demand for housing is likely to keep pace, offering potential for capital gains on real estate investments. Moreover, with median prices for houses and apartments still below the half-million mark, there are opportunities for investors at various price points. Rental properties may also provide lucrative returns given the increasing population and rising demand for living spaces.
Future Market Outlook
The future outlook for Creignish’s real estate market appears optimistic due to the combination of steady price increases and significant population growth. These trends suggest ongoing demand that may lead to continued property value appreciation. However, prospective investors should monitor local economic indicators such as employment rates, infrastructure developments, and tourism trends as these will also play a role in shaping the market’s trajectory. Additionally, government policies affecting property taxes, rental regulations, or land development could influence future market conditions and should be considered when making long-term investment decisions.
