Dominion, 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 in Dominion, Nova Scotia
The real estate market in Dominion, Nova Scotia, is currently experiencing stable growth, with the median house price sitting at $500,000. This reflects a year-over-year increase of 3.5%, indicating a healthy demand for single-family homes in the area. The median apartment price has also seen growth, albeit at a slower pace, with a 2.1% rise over the past year to reach $300,000.
These trends suggest that the market in Dominion is attracting interest from both homebuyers and investors alike. The steady growth is likely underpinned by the robust population increase of 7.1%, which suggests that Dominion is an emerging hub for those seeking residential opportunities in Nova Scotia.
Investment Opportunities and Potential in Dominion
The consistent appreciation of property values in Dominion presents attractive investment opportunities. The moderate but stable increase in house prices indicates that there is potential for capital gains over time. For investors looking into rental properties, the growing population implies a rising demand for rental accommodation, potentially leading to favorable rental yields.
Investors considering entry into the Dominion real estate market may find opportunities in both the single-family home segment and multi-unit residential buildings. Given the current trends and population growth, such investments could benefit from sustained demand and appreciating property values.
Future Market Outlook for Dominion Real Estate
The future outlook of Dominion’s real estate market remains optimistic based on current data. With a significant population growth rate at 7.1%, it is expected that the demand for housing will continue to rise. This increasing demand is likely to maintain upward pressure on both house and apartment prices. However, investors should monitor local economic factors and development plans, as these will be crucial in sustaining long-term growth.
The current trajectory of 3.5% year-over-year growth for houses and 2.1% for apartments may encourage new constructions and developments to meet the growing needs of the population. As long as these developments are managed sustainably and align with the demographic requirements of Dominion’s residents, the real estate market is poised to remain robust for the foreseeable future.
In conclusion, while there are no guarantees in real estate investment, Dominion’s consistent performance coupled with its demographic trends provides a positive outlook for both homebuyers and investors considering this market.
