Dunvegan, Nova Scotia Real Estate Market Data
Updated: Nov 2024
House
Median price | $485,000 |
Monthly growth | 1.5% |
Quarterly trend | 4.2% |
Stock on market | 0.6% |
Apartment
Median price | $295,000 |
Monthly growth | 1.1% |
Quarterly trend | 2.8% |
Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
Bedrooms | Median Price |
---|---|
2 bedrooms | $420,000 |
3 bedrooms | $485,000 |
4 bedrooms | $590,000 |
Apartments
Bedrooms | Median Price |
---|---|
1 bedrooms | $240,000 |
2 bedrooms | $340,000 |
3 bedrooms | $450,000 |
Demographics
Current Population (2025) | 14,500 |
Previous Population (2020) | 14,000 |
Population Change | 3.6% |
Total Private Dwellings | 6,000 |
Occupied Private Dwellings | 5,500 |
Population Density (per km²) | 1.4 |
Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The current real estate market in Dunvegan, Nova Scotia is demonstrating moderate growth. With a median house price of $485,000, the market has experienced a 4.2% increase year-over-year. Similarly, the median apartment price stands at $295,000, reflecting a smaller yet steady growth of 2.8% from the previous year. These trends indicate a healthy and growing market that aligns with the regional forecast for most Atlantic Canadian markets.
Population growth in Dunvegan is also robust at 3.6%, signaling strong community development and an increasing demand for housing. This demographic expansion reinforces the ongoing upward trend in property values and can be attributed to various factors such as economic opportunities, lifestyle appeal, and regional investments.
Investment Opportunities and Potential
Investment opportunities within Dunvegan’s real estate market are promising due to the continuous population growth and sustained increases in property values. The incremental rise in housing prices suggests that investments made now could yield favorable returns as the market maintains its uptrend.
For investors looking for immediate rental income or long-term asset appreciation, single-family homes present a valuable option given their higher year-over-year price increase compared to apartments. However, apartments might appeal to investors seeking more affordable entry points into the market or catering to individuals who prefer rental living in denser areas.
Additionally, new residential developments and infrastructure projects spurred by population growth could provide alternative investment avenues such as commercial real estate or land acquisition anticipating future residential needs.
Future Market Outlook
The future outlook for Dunvegan’s real estate market appears optimistic. The consistent population increase coupled with positive housing trends suggests that demand will remain strong. Further economic development is likely to support job creation and retain residents while attracting new ones.
However, potential investors should also be mindful of external economic conditions which can impact interest rates and borrowing costs. Given the current trajectory, those who act prudently have the opportunity to capitalize on Dunvegan’s growing real estate market while contributing to its vibrant community fabric.