Gore, Nova Scotia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $485,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.9% |
| Stock on market | 0.6% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $485,000 |
| 4 bedrooms | $575,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $330,000 |
| 3 bedrooms | $420,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,800 |
| Population Change | 2.7% |
| Total Private Dwellings | 6,200 |
| 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 Gore, Nova Scotia, the real estate market is currently experiencing steady growth. The median house price in the region stands at $485,000, which marks a 3.9% year-over-year increase. This suggests a healthy demand for single-family homes, reflecting a seller’s market where inventory may be limited and buyers are willing to pay competitive prices.
The market for apartments is also on an upward trajectory but at a somewhat more modest pace. With a median apartment price of $295,000, and an annual appreciation rate of 2.5%, it indicates that this segment of the market is expanding steadily, offering opportunities for both first-time buyers and investors looking for rental properties.
The local population has grown to 15,200 residents, with a growth rate of 2.7%. This population increase contributes to the demand for housing and suggests that the market could remain buoyant as more people move into the area.
Investment Opportunities and Potential
Gore’s real estate market presents several investment opportunities. The consistent rise in house prices coupled with steady population growth suggests that investing in residential property could yield positive returns through capital appreciation over time. Rental properties might also be attractive due to the influx of new residents who may be looking for housing before purchasing their own homes.
The slower yet continuous growth in apartment prices points towards an opportunity for investors to enter the market at a lower price point compared to houses. Given the trends, these properties could serve as lucrative rental investments or as an entry point into real estate for first-time buyers who may contribute to future demand.
Future Market Outlook
The future outlook for Gore’s real estate market appears optimistic. Continuous population growth will likely maintain or possibly increase the demand for housing in both the private purchase and rental markets. Assuming economic conditions remain stable, we can expect house prices to continue their upward trend, albeit potentially at a slower pace if supply begins to meet demand more evenly.
Investors should monitor factors such as local employment rates, infrastructure development, and interest rates as they can significantly impact market dynamics. However, based on current data and trends, Gore’s real estate market seems poised for sustained growth over the coming years.
