Florence, 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 Florence, Nova Scotia is currently experiencing steady growth. The median house price stands at $500,000, which represents a year-over-year increase of 3.5%. This increment indicates a healthy demand for single-family homes in the area. In contrast, the median apartment price is $300,000, with a more modest year-over-year growth of 2.1%. This suggests that the market for apartments is also growing but at a slower pace compared to houses.
The population of Florence has grown by an impressive 7.1% indicating potential increases in housing demand. This demographic trend could be contributing to the steady appreciation in property values as more people seek accommodation in the area.
Investment Opportunities and Potential
Florence’s real estate market offers promising investment opportunities. The consistent rise in property values, coupled with significant population growth, suggests that there is a continuing demand for both rental properties and homes for purchase. Investors may find opportunities in purchasing residential properties to cater to the growing population or investing in the development of new housing projects.
The stable increase in house prices may attract investors looking for long-term capital gains, while the lower but steady growth rate of apartment prices could appeal to those interested in entering the market at a lower price point, possibly targeting rental income from a growing workforce or small families.
Future Market Outlook
The future outlook for Florence’s real estate market seems optimistic. With a solid track record of property value increases and substantial population growth, it is likely that the demand for housing will continue to rise. Assuming that current economic conditions remain favorable and no significant external shocks affect the market, investors and homeowners can expect continued growth in property values.
However, prospective buyers and investors should monitor local economic trends, interest rate changes, and housing supply adjustments which can affect overall market conditions. Given Florence’s current trajectory, it would be reasonable to anticipate ongoing appreciation of property values at a consistent rate.