Hectanooga, Nova Scotia Real Estate Market Data
Updated: Nov 2024
House
Median price | $490,000 |
Monthly growth | 1.0% |
Quarterly trend | 3.2% |
Stock on market | 0.8% |
Apartment
Median price | $295,000 |
Monthly growth | 0.8% |
Quarterly trend | 1.9% |
Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
Bedrooms | Median Price |
---|---|
2 bedrooms | $410,000 |
3 bedrooms | $490,000 |
4 bedrooms | $590,000 |
Apartments
Bedrooms | Median Price |
---|---|
1 bedrooms | $240,000 |
2 bedrooms | $340,000 |
3 bedrooms | $440,000 |
Demographics
Current Population (2025) | 15,500 |
Previous Population (2020) | 15,000 |
Population Change | 3.3% |
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 Hectanooga, Nova Scotia, the real estate market is showing a steady increase in property values. The median house price currently stands at $490,000, with a year-over-year growth of 3.2%. This indicates a healthy appreciation in home values, reflecting sustained demand. Meanwhile, apartments in the area have a median price of $295,000, growing at a slightly lower rate of 1.9% year-over-year. These trends suggest that while the market is expanding steadily for both houses and apartments, houses are experiencing slightly stronger growth.
The local population has seen an increase to 15,500 residents, with a robust growth rate of 3.3%. This demographic trend is likely contributing to the demand for housing and underpinning the market’s overall positive performance.
Investment Opportunities and Potential
The current trajectory of house prices combined with population growth presents promising investment opportunities in Hectanooga. The higher growth rate in house prices compared to apartments may indicate a stronger or more immediate potential for return on investment in single-family homes. However, apartments should not be overlooked as they offer a more accessible entry point into the real estate market and could appeal to investors seeking lower-cost properties.
Given the steady market trends and demographic growth, rental properties could also represent an attractive investment option. A growing population can lead to increased demand for rental accommodations, potentially driving up rental yields for investors.
Future Market Outlook
The future market outlook for Hectanooga appears optimistic based on current data. If the local economy remains stable and the population continues to grow at its current rate or higher, demand for housing is likely to persist, potentially pushing property values higher still.
However, investors should remain vigilant about broader economic conditions that could affect interest rates and borrowing costs as these factors can impact buyer affordability and influence market dynamics.
In conclusion, Hectanooga’s real estate market shows positive signs for both homeowners looking to accumulate value over time and investors seeking opportunities in a growing community.