Homeville, 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
1. Current Market Conditions and Trends
The real estate market in Homeville, Nova Scotia, currently presents a stable growth pattern. With a median house price sitting at $500,000 and experiencing a 3.5% year-over-year increase, the market maintains a steady appreciation rate. This trend is indicative of a healthy demand for single-family homes in the area. Similarly, the apartment sector is also showing positive movement with a median price of $300,000 and a slightly slower year-over-year growth of 2.1%. The population of Homeville has shown a significant increase of 7.1%, which may be fueling the demand for housing and contributing to the consistent property value appreciation.
2. Investment Opportunities and Potential
Given the steady market growth and demographic expansion, Homeville represents an attractive location for real estate investors. The 3.5% increase in house prices suggests that investments in residential properties have the potential for capital gains over time. Additionally, the strong population growth rate could lead to increased rental demand, making buy-to-rent investments particularly appealing for those looking to capitalize on both rental yields and long-term property value increases. The growth in apartment prices, while more modest at 2.1%, still presents opportunities for investors looking to enter the market at a lower price point with potentially lower maintenance costs than single-family homes.
3. Future Market Outlook
The future outlook for Homeville’s real estate market remains optimistic due to the robust population growth and sustained property value appreciation rates. If current trends continue, it’s likely that both housing prices and rental demand will remain on an upward trajectory. This bodes well for investors considering long-term holdings in Homeville’s property market as well as homeowners looking to build equity over time. However, potential investors should continue to monitor economic conditions and local development plans which could affect future market dynamics.
