Digby, 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 (2025) | 15,000 |
Previous Population (2020) | 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 Digby, Nova Scotia is currently experiencing a period of steady growth. With a median house price of $500,000 and an annual growth rate of 3.5%, the market indicates a healthy demand for housing. Similarly, apartments are showing a positive trend with a median price of $300,000 and an appreciation of 2.1% year-over-year. These trends are indicative of a balanced market that is accommodating both buyers and sellers.
Accompanying the real estate growth is the population increase of 7.1%, suggesting that Digby is becoming an increasingly popular destination for both living and investment. This influx may be attributed to its attractive lifestyle offerings, affordability relative to larger urban centres, and growing economic opportunities.
2. Investment Opportunities and Potential
Investment opportunities in Digby are promising given the consistent upward trajectory in property values. The current growth rates suggest that investments in both residential homes and apartments hold potential for capital gains in the medium to long term.
For investors looking at rental properties, the increasing population could lead to higher demand for rental units, potentially resulting in favorable rental yields and low vacancy rates. Given the town’s charm, tourism-related property investments might also offer unique opportunities – particularly in short-term rental markets or vacation properties.
Furthermore, as more people seek lifestyle changes away from big cities post-pandemic, regions like Digby could benefit from remote worker migration seeking quality of life enhancements while still maintaining professional responsibilities.
3. Future Market Outlook
The future outlook for Digby’s real estate market appears optimistic. The combination of steady price growth, population increases, and evolving economic conditions suggests that the market has room for further expansion and development.
Assuming consistent economic conditions and no significant external shocks, we can expect the real estate market to continue its upward trend, albeit at a sustainable pace that avoids overheating. This would indicate ongoing opportunities for both homeownership and investment over the coming years.
However, it is crucial for investors and potential homeowners to monitor factors such as interest rates, employment figures, and the broader provincial economic climate as these variables can significantly impact local real estate markets.