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 (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 Elgin, New Brunswick is currently experiencing steady growth. The median house price stands at $500,000, reflecting a year-over-year increase of 3.5%. This growth rate indicates a healthy demand for housing in the area, likely driven by both local and external buyers. Similarly, the apartment sector is showing positive momentum with the median apartment price at $300,000, which has risen by 2.1% from the previous year.
Elgin’s population has grown to 15,000 residents, marking a significant population growth of 7.1%. This demographic expansion is a key contributing factor to the sustained demand for real estate in the region. The current trends suggest that Elgin is attracting new residents who are likely contributing to a diverse and robust local economy.
Investment Opportunities and Potential
The steady rise in property values coupled with significant population growth underlines the potential for investment opportunities in Elgin’s real estate market. The consistent increase in housing prices suggests that investments made now could yield appreciable returns as market conditions continue to improve.
Given the breadth of the population increase, there is potential for a variety of real estate investments ranging from residential properties for families to rental apartments catering to individuals and smaller households. Investors should consider both long-term capital appreciation and rental income strategies when evaluating properties in this growing market.
Future Market Outlook
The outlook for Elgin’s real estate market remains optimistic based on current trends and underlying demographic shifts. If the population continues to grow at or above the current rate of 7.1%, demand for housing should remain strong, potentially pushing prices upward at a steady pace.
Additionally, as new residents settle into the community and contribute economically, there may be an expanded need for not just residential properties but also commercial and mixed-use developments that can accommodate growing services and business needs.
In conclusion, while no market is without risk, Eligin’s current trajectory suggests that it is an area ripe for real estate investment with promising prospects for future growth.
