Lakeville, 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 (2025) | 15,000 |
Previous Population (2020) | 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 Lakeville, Nova Scotia
Lakeville, Nova Scotia, is currently experiencing a stable real estate market with moderate growth. The median house price stands at $500,000, which represents a year-over-year increase of 3.5%. This suggests a healthy demand for single-family homes, likely driven by both local and external buyers.
In the apartment sector, the median price is somewhat lower at $300,000, with a slower growth rate of 2.1% year-over-year. This could be indicative of a more saturated market or potentially greater affordability for those looking to enter the housing market.
The population of Lakeville has grown to 15,000 residents, showcasing a significant increase of 7.1%. This demographic expansion can put upward pressure on real estate prices due to increased demand for housing.
Investment Opportunities and Potential in Lakeville
Given the steady growth in housing prices and the robust population increase, Lakeville presents as an attractive location for real estate investment. The consistent rise in the median house price signals a strong potential for capital gains over the long term.
Apartments, with their lower entry price point and growth trend, may offer investment opportunities particularly appealing to those looking to cater to first-time homebuyers or renters. As the population continues to grow, demand for multi-unit residential properties could see an upswing.
Investors should also consider the potential for vacation rentals or seasonal residences given Nova Scotia’s appeal as a tourist destination during warmer months.
Future Market Outlook for Lakeville Real Estate
The future real estate market outlook for Lakeville remains optimistic. The ongoing population growth will likely continue to drive demand for housing. Assuming current economic conditions persist, we can expect both house and apartment prices to maintain their upward trajectory, albeit at modest rates.
Prospective changes in interest rates, local economic developments, and national housing policies should be monitored closely as they could impact future market dynamics significantly.
In summary, while no investment is without risk, Lakeville’s real estate market exhibits several positive indicators that suggest continued health and potential for profitable investments in the coming years.