Goffs, 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
In Goffs, Nova Scotia, the real estate market is exhibiting steady growth as indicated by the key metrics. The median house price in the region currently stands at $500,000, which has seen a year-over-year increase of 3.5%. This consistent upward trend in housing prices suggests a healthy demand for residential properties.
The market for apartments is also on an upswing, with the median apartment price reaching $300,000, and experiencing a more moderate year-over-year growth rate of 2.1%. This could be indicative of a diversifying market where smaller units and more affordable housing options are gaining traction amongst buyers or investors.
The area’s population stands at 15,000, which has grown by 7.1% recently. Population growth is a positive driver for real estate demand, suggesting that Goffs is an increasingly desirable location to settle in.
Investment Opportunities and Potential
Goffs’ real estate market presents several investment opportunities. The steady increase in property values indicates that investments in residential real estate could yield beneficial returns over time. The housing market’s growth outpaces that of apartments, highlighting potential for higher returns on single-family homes or larger residential units.
Favorable demographic trends, such as population growth, can lead to increased demand for rental properties. Investors may find opportunities in purchasing properties to cater to this expanding rental market. Additionally, new developments or renovation projects could fill gaps in the current housing supply and meet the specific needs of growing segments of the population.
Future Market Outlook
The future outlook for Goffs’ real estate market appears promising based on current trends. Given the steady population increase and rising property values, it is reasonable to anticipate continued demand for housing in this area.
The ongoing growth trajectory suggests that both homeownership and rental markets are poised for sustained expansion. However, it’s important for investors to monitor economic factors that might influence mortgage rates, employment levels, and overall affordability, as these can significantly affect market dynamics.
In summary, Goffs presents an appealing environment for real estate investment with its burgeoning population and consistent property value appreciation. Careful consideration of local development plans and infrastructure initiatives will be crucial for investors looking to capitalize on Goffs’ future real estate potential.
