Greenfield, 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 | $450,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $330,000 |
| 3 bedrooms | $440,000 |
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
The real estate market in Greenfield, Nova Scotia is currently experiencing steady growth. With a median house price of $500,000, the year-over-year trend shows an increase of 3.5%. This indicates a healthy demand for single-family homes in the area. Similarly, apartments are also seeing a gradual appreciation with a median price of $300,000 and a 2.1% increase compared to the previous year.
The town’s population has grown by 7.1%, suggesting that Greenfield is attracting new residents, which may be contributing to the rising demand in the housing market. This influx could be due to various factors such as employment opportunities, quality of life, or regional investments attracting people to the area.
Investment Opportunities and Potential
Given the consistent growth in property values and an expanding population base, Greenfield presents attractive investment opportunities for both residential and rental markets. Investors looking at long-term capital gains might consider single-family homes due to their higher appreciation rate of 3.5% compared to apartments.
Rental properties also offer potential due to the growing population which could increase demand for apartment living spaces. The slower appreciation rate for apartments suggests that investors could potentially acquire these properties at a more affordable rate relative to houses while still benefiting from the overall positive trend in property values.
Future Market Outlook
The outlook for Greenfield’s real estate market remains optimistic. The continuing population growth is likely to sustain demand for housing which can further drive property values upwards. Assuming consistent economic conditions and the absence of significant external shocks, both segments of the market—houses and apartments—are expected to maintain their upward trajectory.
However, prospective buyers and investors should monitor local economic indicators, any changes in regional development policies, and infrastructural improvements as these factors can significantly impact future market conditions.
