Elderbank, 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
The real estate market in Elderbank, Nova Scotia, currently exhibits steady growth with the median house price sitting at $500,000 and a year-over-year increase of 3.5%. This suggests a healthy demand for housing and a consistent appreciation in property values. The market for apartments is also showing positive movement with a median price of $300,000, reflecting a growth trend of 2.1% over the past year.
Elderbank’s population has experienced significant growth at a rate of 7.1%, which is likely contributing to the sustained demand in the housing market. With a population now at 15,000, the community is becoming more vibrant and could be attracting more investment into local real estate.
Investment Opportunities and Potential
The real estate market in Elderbank presents attractive opportunities for investors, particularly in residential properties. Given the steady increase in property values for both houses and apartments, there is potential for capital gains over the long term. The robust population growth supports the possibility of a strong rental demand, which could yield favourable rental income returns for investors focusing on rental properties.
As affordability continues to be a concern in major urban centres, smaller communities like Elderbank may benefit from homebuyers looking for more budget-friendly options without significantly sacrificing quality of life or access to amenities.
Future Market Outlook
Looking ahead, the future market outlook for Elderbank appears promising. The consistent upward trend in house and apartment prices indicates that the real estate market should remain resilient. Assuming continued population growth and economic stability in the region, it is reasonable to expect that property values will keep rising at a sustainable pace.
In light of these factors, Elderbank’s real estate market could see ongoing investment interest from both local and out-of-province buyers. However, potential investors should also consider macroeconomic variables such as interest rates and employment levels which can influence buyer affordability and impact market dynamics.
