Greenwood, Nova Scotia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.0% |
| Stock on market | 0.7% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $425,000 |
| 3 bedrooms | $495,000 |
| 4 bedrooms | $610,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $440,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,700 |
| Population Change | 3.4% |
| Total Private Dwellings | 6,100 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Greenwood, Nova Scotia, is currently experiencing a period of moderate growth. The median house price stands at $495,000, marking a year-over-year increase of 4%. This suggests a healthy demand for single-family homes and a competitive market that is trending upwards at a sustainable rate. Similarly, the median apartment price has seen an uptick to $295,000, with a slower yet steady growth of 2.5% over the past year.
In conjunction with these pricing trends, Greenwood’s population has grown by 3.4%, indicating an influx of new residents and potential homebuyers. This population growth not only reflects the attractiveness of Greenwood as a residential area but also contributes to the increasing demand for housing in the region.
Investment Opportunities and Potential
Given the continuous growth in property values and steady population increase, Greenwood presents several promising investment opportunities. Residential properties, particularly single-family homes, have shown stronger appreciation with a 4% increase compared to apartments, making them potentially lucrative investments. This is further supported by the ongoing population growth which may lead to greater rental demand.
For investors looking at long-term gains, apartments offer a more accessible entry point into the market with their lower median price point. Although the appreciation rate for apartments is slightly lower at 2.5%, they still represent a solid investment opportunity due to their affordability and appeal to smaller households or individuals moving to Greenwood for work or lifestyle reasons.
Future Market Outlook
The future real estate market outlook for Greenwood appears optimistic. The consistent population growth serves as an indicator of sustained demand for housing which could continue to drive property values upward. Assuming similar economic conditions prevail, both housing and apartment prices are likely to maintain their upward trajectory at a moderate pace.
Key factors that will influence future market conditions include local economic developments, interest rates, and regional infrastructure projects. Investors and potential homebuyers should monitor these aspects closely as they can have significant impacts on property valuations and market dynamics in Greenwood.
