Denmark, Nova Scotia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| 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 | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $495,000 |
| 4 bedrooms | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $430,000 |
Demographics
| Current Population (2024) | 15,500 |
| Previous Population (2019) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,100 |
| 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 Denmark, Nova Scotia, is currently experiencing a period of steady growth. With a median house price sitting at $495,000, the market has seen a respectable year-over-year increase of 3.2%. This indicates a consistent demand for housing in the area, likely fuelled by the positive population growth of 3.3%, which hints at an expanding local economy and an influx of new residents.
The apartment sector is also showing signs of growth, albeit at a slightly slower pace. The median apartment price is currently $295,000, with an annual increase of 2%. This trend suggests that smaller living spaces are in demand, potentially due to an emerging market of young professionals and smaller families looking to reside in Denmark.
Investment Opportunities and Potential
Given the steady growth in both housing and apartment prices, Denmark represents a promising opportunity for real estate investors. The continuous population growth coupled with rising property values indicates a strong potential for return on investment. Rental properties may be particularly attractive, as the growing population could drive demand for rental units.
Investors should also consider the long-term development plans and economic initiatives within the region that may impact property values. Areas set for infrastructure improvements or new business developments are likely to see increased property appreciation over time.
Future Market Outlook
Looking ahead, the real estate market in Denmark, Nova Scotia appears poised for continued growth. The area’s increasing population suggests sustained demand for both purchasing and renting properties. If current trends hold, we can expect further moderate increases in property values across housing types.
However, investors and homebuyers should stay informed about local economic conditions and be mindful of broader national economic factors that could affect interest rates and lending conditions. Careful consideration of these elements will be crucial for making informed real estate decisions in Denmark’s dynamic market.
