Eureka, 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 (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 Eureka, Nova Scotia is currently characterized by moderate growth. With a median house price of $500,000 and a year-over-year increase of 3.5%, the market is showing healthy appreciation. This suggests a stable demand for housing in the area. The apartment sector is also experiencing growth, albeit at a slightly slower pace, with median prices at $300,000 and an annual increase of 2.1%. This difference in growth rates between houses and apartments may indicate a preference among buyers towards more spacious living options or could reflect a scarcity of single-family homes driving up their prices.
The population of Eureka has shown significant growth at 7.1%. This demographic trend is likely contributing to the demand for housing and could be indicative of the area’s economic health, attractiveness to new residents, or both.
Investment Opportunities and Potential
With its growing population and consistent rise in property values, Eureka presents appealing opportunities for real estate investors. The steady growth in house prices suggests that investments in residential real estate could yield solid returns over time. Additionally, the slower but still positive growth rate in apartment prices offers potential for those looking to invest in multi-family properties or cater to those who prefer lower-maintenance living spaces.
Given the current trends, investors may find particular potential in new construction projects that address any possible housing shortages or renovations of existing properties to cater to changing consumer tastes and preferences. Investment in rental properties may also be an attractive option due to population growth, potentially leading to increased rental demand.
Future Market Outlook
The future market outlook for Eureka’s real estate appears optimistic given the current data. Assuming the continuation of current trends like population growth and economic stability, we can expect sustained demand for housing which should support ongoing property value appreciation. However, investors and homebuyers should remain mindful of broader economic factors such as interest rates changes or shifts in employment that could impact the local housing market dynamics.
In conclusion, Eureka’s real estate market shows promising signs for both homeownership stability and investment opportunity. With careful attention to market indicators and due diligence on specific properties or developments, stakeholders can navigate this growing market effectively.
