Fairmont, 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
1. Current Market Conditions and Trends
The real estate market in Fairmont, Nova Scotia is currently experiencing a period of steady growth. With a median house price sitting at $500,000, the market has seen an increase of 3.5% year-over-year. This consistent upward trend indicates healthy demand and a stable investment environment for single-family homes.
Apartments in Fairmont are also witnessing an uptick in prices but at a slightly more modest pace. The median apartment price stands at $300,000, with an annual growth rate of 2.1%. This slower growth may reflect a more saturated market or potentially greater affordability for investors and first-time home buyers alike.
The population of Fairmont has grown to approximately 15,000 residents, which is a significant increase of 7.1%. This surge in population is likely contributing to the increased housing demand and suggests a city in the midst of expansion and economic development.
2. Investment Opportunities and Potential
Fairmont presents several attractive investment opportunities, particularly in the residential property sector. The consistent rise in house prices points to a robust market with potential for steady capital gains over time. Investors looking to enter the Fairmont market would be wise to consider single-family homes which are currently experiencing higher demand reflected in their higher growth rate.
The apartment sector, while growing at a slower pace, should not be overlooked. The lower median price point makes it an accessible market for new investors and offers potential for rental income as the population continues to increase. Additionally, given the substantial population growth, there may be opportunities for new development projects aimed at meeting the rising demand for housing.
3. Future Market Outlook
The outlook for Fairmont’s real estate market remains positive. Assuming current trends persist, we can expect continued growth in property values across both houses and apartments. The strong population growth serves as a key indicator of sustained demand, which should bolster the market’s stability and attractiveness to investors.
However, it is essential to monitor economic indicators closely as changes in employment rates, interest rates, and regional economic policies could affect future growth patterns. Careful consideration of these factors will be crucial for those looking to invest or develop properties in Fairmont’s promising real estate market.
