Ingonish, 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 in Ingonish, Nova Scotia
The real estate market in Ingonish, Nova Scotia, is currently characterized by steady growth. With a median house price of $500,000 and experiencing a year-over-year increase of 3.5%, the housing market is showing healthy appreciation rates. This suggests a strong demand for housing in the region that is likely being driven by favorable local economic factors and potential demographic shifts.
Similarly, the apartment sector is also witnessing growth, albeit at a slightly slower pace. The median apartment price stands at $300,000 with an annual appreciation trend of 2.1%. This indicates a consistent but more modest demand for multifamily dwellings compared to single-family homes.
The population of Ingonish has reached 15,000 and has seen a remarkable growth rate of 7.1%. This influx is likely contributing to increased housing demand which may be pushing prices upward.
Investment Opportunities and Potential
Drawing from the positive market indicators, there are promising investment opportunities in Ingonish. The steady increase in property values points to ongoing desirability and the potential for continued capital gains for investors. Single-family homes represent a particularly strong investment given their higher rate of appreciation.
Additionally, the significant population growth could signal an opportunity for investors to cater to new residents through both rental and sale markets. Given that apartments are appreciating at a slower rate than houses, they may offer an entry point for investors looking for more affordable investment options or targeting the rental market.
Future Market Outlook
The future market outlook for Ingonish is cautiously optimistic. If current trends continue, including the healthy population growth and economic conditions that support it, one can expect ongoing demand for housing which should sustain property value appreciation.
However, it’s important to note that while current trends are positive, external factors such as changes in interest rates, economic policies or unforeseen global events could affect future market conditions. As such, while the outlook remains positive based on current data, investors should stay informed on broader economic indicators that could impact the real estate market’s trajectory in Ingonish.
