Falmouth, Nova Scotia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.3% |
| Quarterly trend | 4.0% |
| 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 | $425,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $575,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $430,000 |
Demographics
| Current Population (2024) | 15,200 |
| Previous Population (2019) | 14,800 |
| Population Change | 2.7% |
| Total Private Dwellings | 6,100 |
| Occupied Private Dwellings | 5,600 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends in Falmouth, Nova Scotia
In Falmouth, Nova Scotia, the real estate market is currently displaying signs of steady growth. The median house price stands at $485,000, with a year-over-year increase of 4%. This increment indicates a consistently appreciating housing market that may attract homeowners looking for long-term value. Similarly, the median apartment price has risen to $295,000, following a slightly lower yet positive trend with a 2.5% increase year-over-year.
The population of Falmouth has reached approximately 15,200 residents, experiencing a healthy growth rate of 2.7%. This demographic expansion suggests an increasing demand for housing in the area. The combination of population growth and upward trending property values can be indicative of a robust local economy and a competitive real estate market.
Investment Opportunities and Potential in Falmouth, Nova Scotia
Falmouth’s real estate market presents several promising opportunities for investors. The ongoing rise in median property prices hints at strong capital gains potential for both residential houses and apartments. With the population increasing at a notable rate, there is potential for rental investments to yield satisfactory returns due to higher demand for living spaces.
Investors may also consider exploring new construction opportunities prompted by the population influx. Given the current trends, investing in building projects could meet the growing housing needs of the community while providing investors with the benefit of modern property offerings that could command premium prices or rents.
Future Market Outlook for Falmouth, Nova Scotia
The future market outlook for Falmouth is cautiously optimistic. The consistent growth in property values paired with steady population increase lays a solid foundation for ongoing market stability and potential expansion. Assuming no significant economic disruptions occur, we can reasonably expect these trends to continue.
However, it is important to remain vigilant regarding broader economic factors that could influence interest rates and lending conditions, which would have direct implications on the buying power of consumers. Investors should also monitor local developments that may affect property supply and demand dynamics, such as changes in zoning regulations or significant infrastructure projects.
In conclusion, while there are always uncertainties in any real estate market forecast, current data from Falmouth suggests positive trends that could benefit both homeowners and investors over the coming years.
