Greenwood, 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
The real estate market in Greenwood, Nova Scotia, is currently characterized by a steady growth in property values. The median house price is $500,000, reflecting a year-over-year increase of 3.5%. This growth rate indicates a healthy market that is attracting interest without overheating. Similarly, the median apartment price has climbed to $300,000, with a more modest annual appreciation of 2.1%. These trends suggest a balanced expansion across different housing types.
With a population of 15,000 that has experienced a significant rise of 7.1%, there is clear evidence of demographic pressures that could continue to support property value increases due to heightened demand. The influx of new residents is likely contributing to the steady market conditions and may be indicative of both local economic health and attractiveness to newcomers.
Investment Opportunities and Potential
The continual population growth coupled with consistent property value appreciation presents numerous investment opportunities within Greenwood’s real estate market. Investors looking for long-term capital gains might find the housing sector particularly appealing given the solid year-over-year price increase.
In the rental market, the growing population suggests potential for strong rental demand, which could be especially advantageous for investors interested in purchasing apartments as income-generating assets. The lower price point and slower appreciation rate of apartments compared to houses may offer a more accessible entry into the market while still providing stable returns through rental income.
Given Greenwood’s trends and demographic dynamics, there appears to be room for strategic development projects, such as new residential communities or mixed-use developments that can cater to the needs of an increasing population.
Future Market Outlook
The outlook for Greenwood’s real estate market remains optimistic based on current trends and underlying demographic factors. Should the population continue to grow at or near its current rate, demand for housing is likely to remain strong, supporting further property value increases in both houses and apartments. However, prospective investors should be mindful of potential shifts in economic conditions or changes in migration patterns that might affect this trajectory.
The sustained growth in property values suggests that Greenwood may become increasingly appealing to external investors searching for markets with growth potential outside of Nova Scotia’s urban centers. Consequently, the local government and developers should consider proactive planning measures to ensure that infrastructure and community services keep pace with this potential growth.
In conclusion, while current indicators favor continued market strength in Greenwood, stakeholders should maintain vigilance over external factors that could influence future conditions. Ongoing analysis will be essential for those looking to capitalize on Greenwood’s real estate market potential.
