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 exhibits stable growth with the median house price standing at $500,000, marking a year-over-year increase of 3.5%. This incremental rise indicates a healthy demand for single-family homes in the area. Similarly, the apartment sector shows a positive trend with the median price at $300,000 and growing at a slightly more modest rate of 2.1% year-over-year.
The population of Homeville has reached 15,000 residents, experiencing significant growth at a rate of 7.1%. This demographic expansion is contributing to the robust demand for housing and suggests an influx of new residents possibly attracted by job opportunities or the allure of living in Nova Scotia.
2. Investment Opportunities and Potential
The steady growth in property values combined with considerable population increase positions Homeville as an attractive location for real estate investment. Single-family homes appear to be particularly promising with their higher appreciation rate. Investors seeking long-term capital gains would do well to consider this segment.
The apartment market also presents opportunities, especially for those looking to cater to smaller households or the rental market. Given the slower appreciation rate compared to houses, investors might expect a more moderate return on investment that could be supplemented by rental income.
Furthermore, Homeville’s burgeoning population suggests that there may be unmet demands for housing which could stimulate new development projects. Investors and developers can capitalize on this potential by initiating residential developments to accommodate the growing community.
3. Future Market Outlook
Looking forward, Homeville’s real estate market is poised for continued growth. The consistent upward trend in house and apartment prices coupled with substantial population expansion provides a strong foundation for sustainable development.
If current trends persist, we can anticipate ongoing appreciation in property values which will likely attract both homebuyers and investors. However, it is essential to monitor economic factors that could influence housing affordability such as interest rates and employment levels within Homeville and surrounding regions.
In conclusion, Homeville offers promising prospects for real estate investment based on current data. The key will be to closely observe market conditions and respond adeptly to any shifts in economic indicators or demographic patterns that could impact future market dynamics.
