Fairview, Nova Scotia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.0% |
| Stock on market | 0.7% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $330,000 |
| 3 bedrooms | $440,000 |
Demographics
| Current Population (2024) | 15,500 |
| Previous Population (2019) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,100 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends in Fairview, Nova Scotia
The real estate market in Fairview, Nova Scotia, is currently experiencing stable growth. The median house price stands at $485,000, reflecting a year-over-year increase of 3%. This suggests a healthy demand for single-family homes, while the market maintains a steady appreciation in value. Similarly, the median apartment price has grown to $295,000, with a slightly lower year-over-year growth rate of 2.5%. This indicates a consistent demand for more affordable and smaller-scale housing options.
With a population of 15,500 that has grown by 3.3% recently, Fairview is becoming an increasingly attractive location for both residents and investors. The population growth can be attributed to various factors such as local economic development, immigration, and the natural beauty of Nova Scotia drawing new residents. This influx has contributed to the demand for housing and is an encouraging sign for future real estate activity in the area.
Investment Opportunities and Potential in Fairview
Fairview presents appealing investment opportunities given its current market conditions. The steady increase in housing prices suggests that investment properties could continue to appreciate over time. For investors looking towards long-term capital gains, purchasing single-family homes could be a strategic choice considering the 3% year-over-year house price trend.
The apartment sector also offers potential for investors who are interested in catering to individuals or smaller families who may prefer more affordable housing options or are not yet ready to invest in a standalone property. With apartments experiencing a 2.5% year-over-year growth trend, investors could benefit from both asset appreciation and rental income potential.
Given the population growth rate of 3.3%, there will likely be a sustained demand for rental properties as new residents seek accommodation, making real estate investments even more attractive in Fairview’s growing market.
Future Market Outlook for Fairview Real Estate
The future outlook for the real estate market in Fairview is promising based on current trends and demographic shifts. Assuming that economic conditions remain favorable and the population continues to grow at or above current rates, it is reasonable to anticipate that both housing demand and property values will maintain an upward trajectory.
Moreover, if local industries expand or new ones emerge, thereby creating more jobs and attracting further migration into Fairview, there could be an even more pronounced increase in demand for residential properties. Investors should monitor these trends closely as they look to capitalize on early signs of accelerated market growth.
In conclusion, while external factors such as changing interest rates and broader economic conditions can affect local markets unpredictably, all current indicators suggest that Fairview’s real estate market has strong fundamentals pointing toward continued health and expansion in the foreseeable future.
