Kentville, 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 Kentville, Nova Scotia, is currently characterized by a steady growth pattern. The median house price stands at $500,000, which reflects a year-over-year increase of 3.5%. This increment suggests a healthy demand for housing, likely driven by both local factors and the broader Canadian real estate trends. Similarly, the median apartment price has seen an increase, though at a more modest rate of 2.1% year-over-year, reaching a value of $300,000. This differential growth rate between houses and apartments may indicate a stronger preference for single-family homes in Kentville.
The population of Kentville has reached approximately 15,000 residents, with a notable population growth rate of 7.1%. This significant demographic expansion contributes to the increased demand for housing and supports the observed appreciation rates.
Investment Opportunities and Potential
The current market data indicates that Kentville holds promising prospects for real estate investors. The consistent growth in property values, combined with robust population expansion, sets a positive stage for both residential property investment and potential development projects. Single-family homes are particularly attractive due to their higher appreciation rate.
Investors should also consider the rental market given the rising population and potential influx of residents seeking employment or lifestyle changes in this community. The slower growth in apartment prices compared to houses could present an opportunity for investors to enter the market at a lower price point while capitalizing on potential future rent increases as demand continues to grow.
Future Market Outlook
The outlook for Kentville’s real estate market remains optimistic. Assuming current economic conditions persist, the steady growth in property values is expected to continue. The strong population growth rate will likely maintain upward pressure on housing demand, further supporting price increases over time. However, investors should remain vigilant regarding macroeconomic factors such as interest rates and employment levels that could influence market dynamics.
In conclusion, Kentville’s real estate market demonstrates both stability and potential for continued growth. With thoughtful investment strategies that consider long-term trends and demographic shifts, stakeholders can anticipate favorable outcomes from their real estate endeavors in this region.
