Elgin, New Brunswick 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
Current Market Conditions and Trends
The real estate market in Elgin, New Brunswick is currently experiencing moderate growth. The median house price in the area is $500,000, reflecting a year-over-year increase of 3.5%. This steady growth indicates a healthy demand for single-family homes. In contrast, the median apartment price stands at $300,000 with a slightly lower year-over-year growth rate of 2.1%. This suggests that while there’s interest in more affordable and smaller living spaces, the market for apartments is not as dynamic as for houses.
Investment Opportunities and Potential
Considering the current market trends, Elgin presents several investment opportunities. The consistent growth in housing prices demonstrates the potential for capital appreciation over time, making the purchase of residential properties an attractive option for long-term investors. Given that the population has grown by 7.1%, there is likely to be sustained demand, which may further bolster property values and rental market opportunities. Investors might also explore developing or investing in multi-family units or apartments to cater to those seeking more affordable housing options.
Future Market Outlook
The future outlook for Elgin’s real estate market appears positive. With a robust population growth of 7.1%, there will be an increasing demand for housing in both the purchase and rental sectors. If current trends continue, property values are expected to rise steadily, suggesting a favorable environment for investors and homeowners alike. However, it is important to monitor local economic developments and infrastructural improvements that could influence future market conditions.
