Inverness, 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
The real estate market in Inverness, Nova Scotia, is currently experiencing a period of steady growth. With a median house price of $500,000 and an annual increase of 3.5%, the market is demonstrating resilience and demand. Similarly, the median apartment price stands at $300,000, showing a more modest yet consistent growth trend of 2.1% year-over-year.
The population of Inverness has reached approximately 15,000 residents, with an impressive growth rate of 7.1%. This demographic expansion is likely contributing to the increased demand for housing within the region and supporting the positive price trends observed in both the house and apartment sectors.
Investment Opportunities and Potential
Given the current market dynamics, Inverness offers attractive investment opportunities for real estate investors. The ongoing population growth suggests a sustained demand for housing, which bodes well for rental properties and developments. Investors considering entering the Inverness market could capitalize on the upward trajectory of property values.
Moreover, with house prices growing at a faster pace than apartment prices, there may be potential in investing in detached or semi-detached homes that could yield higher capital gains in the long term. However, apartments represent a more accessible entry point and may appeal to first-time buyers or those seeking lower maintenance properties.
Future Market Outlook
The future market outlook for Inverness appears optimistic. The combination of steady property price increases and significant population growth sets a foundation for a robust real estate market. If current trends continue, we can expect ongoing demand for housing to exert upward pressure on prices.
It’s important for potential investors to monitor local economic developments and infrastructure projects that could further impact the real estate landscape. Additionally, considering the global economic environment and its influence on interest rates can provide insights into mortgage affordability and subsequently affect buyer activity levels.
