Durham, Nova Scotia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $490,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.8% |
| Stock on market | 0.7% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.4% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $490,000 |
| 4 bedrooms | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $335,000 |
| 3 bedrooms | $425,000 |
Demographics
| Current Population (2024) | 15,200 |
| Previous Population (2019) | 14,500 |
| Population Change | 4.8% |
| 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 Durham, Nova Scotia is currently experiencing steady growth. With a median house price of $490,000 and an upward trend of 3.8% year-over-year, the housing market remains robust. The median apartment price stands at $295,000, which has seen a slightly lower growth rate of 2.4% year-over-year. These statistics reflect a healthy demand in the residential real estate sector.
Supported by a population growth of 4.8%, which is significantly higher than many other regions, the demand for housing is likely to remain strong. This increase in population suggests that Durham is an attractive location for individuals seeking residence outside of urban centers, while still desiring accessibility to city amenities.
Investment Opportunities and Potential
The consistent rise in property values indicates a favorable environment for real estate investment in Durham. The combination of population growth and increasing property prices suggests that there is potential for both rental and resale markets. Investors looking to purchase properties to lease may find the apartment sector particularly appealing due to its lower entry price point at $295,000, coupled with the growing population that may be looking for affordable housing options.
For those interested in investing in the housing market for capital gains, the steady increase in house prices provides an opportunity to benefit from further appreciation. As the community continues to grow and attract new residents, investments in larger properties could result in substantial long-term returns.
Future Market Outlook
The future outlook for Durham’s real estate market appears optimistic. Given the solid foundation of ongoing population growth and consistent price increases, it is projected that both housing and apartment markets will continue their upward trajectory. However, investors should remain attentive to regional economic developments and potential shifts in interest rates that could affect mortgage affordability.
As more people seek living spaces outside densely populated urban areas without compromising on proximity to essential services, locations like Durham are well-positioned to benefit from these demographic shifts. Assuming that local economic conditions remain stable or improve, Durham’s real estate market is expected to provide promising opportunities for investors and homebuyers alike over the coming years.
