Ellershouse, 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 in Ellershouse, Nova Scotia
In the quaint community of Ellershouse, Nova Scotia, the real estate market currently exhibits a steady growth trajectory. The median house price stands at $500,000, reflecting a 3.5% year-over-year increase. This demonstrates a healthy demand for single-family homes within the region, suggesting that the area remains an attractive destination for potential homeowners.
Similarly, the apartment sector is showing positive movement with a median price of $300,000, and a more modest year-over-year price increase of 2.1%. This growth rate indicates a consistent but slower pace in the apartment market compared to houses, which may appeal to a different segment of buyers or investors who are looking for potentially more affordable entry points into the real estate market.
The population of Ellershouse has been growing at a rate of 7.1%, bringing the current population to approximately 15,000. This influx of new residents can be attributed to factors such as favorable living conditions, employment opportunities, and the natural beauty that Nova Scotia offers. The population growth contributes to increasing demand in both housing and rental markets.
Investment Opportunities and Potential in Ellershouse
The current real estate trends in Ellershouse present several promising investment opportunities. The continuous rise in property values, indicated by the 3.5% increase in house prices and 2.1% increase in apartment prices, suggests that investing now could yield significant returns over time due to capital appreciation.
The notable population growth not only boosts demand for housing but also suggests an expanding rental market that investors can capitalize on. With a growing number of people moving to Ellershouse, there is potential for investors to benefit from rental income as well as long-term property value increases.
New development projects aimed at accommodating this population growth could represent further opportunities for investors seeking to participate in ground-up developments or renovations of existing properties to cater to new residents’ preferences.
Future Market Outlook for Ellershouse Real Estate
The future market outlook for Ellershouse is optimistic given the current trends and underlying demographics. As the population continues to grow and attract individuals drawn by lifestyle or employment opportunities, the demand for both houses and apartments is likely to remain robust.
The steady growth in property values suggests that Ellershouse is poised for continued appreciation, making it an appealing market for both residential buyers and real estate investors. However, it’s important for stakeholders to monitor economic factors that could impact interest rates and construction costs which may affect affordability and investment viability in the future.
In conclusion, Ellershouse presents as a stable market with strong fundamentals supporting both immediate investment opportunities and positive long-term prospects. Stakeholders should keep abreast of regional economic developments and infrastructure investments that could further influence property values and market dynamics within this vibrant Nova Scotia community.
