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 (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 Fairmont, Nova Scotia, is currently experiencing steady growth. With a median house price of $500,000 and an annual increase of 3.5%, the market is showing resilience and consistent upward momentum. Similarly, the median apartment price stands at $300,000, with a year-over-year price trend of 2.1%. These statistics reflect a stable and growing demand for housing in the area.
The population of Fairmont has grown by 7.1% to reach 15,000 residents. This influx is likely contributing to the sustained demand for housing and could be indicative of a robust local economy attracting new residents. As a result, both single-family homes and apartments are seeing appreciable gains in valuation.
Investment Opportunities and Potential
Investment opportunities in Fairmont are promising due to the steady increase in property values coupled with the significant population growth. The consistent rise in home prices suggests that there is ongoing interest in homeownership or rental properties from both locals and those moving into the region.
For investors looking to enter the market or expand their portfolio, single-family homes present a solid opportunity due to their higher year-over-year price increase compared to apartments. However, apartments offer a more affordable entry point into the real estate market, which may be particularly appealing for first-time investors or those with limited capital.
With population growth outpacing national averages, there is potential for increased rental demand, which could drive up rental yields over time. This makes investment in multi-family units or purpose-built rental properties an attractive proposition for those looking to capitalize on cash flow as well as capital appreciation.
Future Market Outlook
Looking ahead, Fairmont’s real estate market appears positioned for continued growth. The robust population increase suggests that demand for housing will persist, supporting further property value appreciation. If current trends continue, investors can reasonably expect ongoing positive performance in both the short and long term.
However, it is important for investors to remain vigilant concerning external economic factors that may impact interest rates and lending conditions. Careful consideration of such macroeconomic influences will be crucial for making informed investment decisions moving forward.
In conclusion, Fairmont’s real estate market holds substantial promise for investors due to its favorable conditions, including steady property value increases and significant population growth. With thoughtful strategy and an eye on broader economic trends, stakeholders can potentially reap considerable rewards from this burgeoning market.
