Dean, 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
1. Current Market Conditions and Trends
The real estate market in Dean, Nova Scotia is currently experiencing a period of steady growth, with median house prices sitting at $500,000, reflecting a year-over-year increase of 3.5%. This indicates a healthy demand for single-family homes in the area. The market for apartments is also showing positive movement, with a median price of $300,000 and a more modest annual price uptick of 2.1%.
The growing population, which currently stands at 15,000, has risen by an impressive 7.1%, suggesting that the area is attracting new residents. This growth can be attributed to factors such as employment opportunities, lifestyle amenities, and the region’s natural beauty.
2. Investment Opportunities and Potential
Given the steady increase in property values and the significant population growth, Dean presents attractive investment opportunities. The ongoing rise in house prices suggests that there is enduring demand for residential properties, making it an opportune time for investors to consider single-family homes or apartment units.
The consistent growth in apartment prices, although slower than that of houses, points towards a stable rental market with potential for long-term yield. With the population expansion outpacing national averages, there is likely to be continued demand for rental accommodation as new residents seek housing.
3. Future Market Outlook
The future outlook for Dean’s real estate market remains optimistic. The robust population growth rate coupled with upward trending property values indicates a flourishing local economy and a dynamic housing market. If current trends persist, investors can expect continued appreciation in property values over the coming years.
However, it is important to remain vigilant about broader economic factors that could influence local real estate conditions. These include interest rates, employment rates within the region, and any changes in provincial or federal policies that may impact property ownership or rental markets.
In conclusion, Dean’s real estate market demonstrates solid growth prospects bolstered by strong demographic trends and rising property values. Careful monitoring of market conditions and an understanding of local economic drivers will be key for investors looking to capitalize on Dean’s real estate potential.
