Lequille, 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 Lequille, Nova Scotia, is currently characterized by steady growth. With a median house price of $500,000, the market has seen an appreciable year-over-year increase of 3.5%. Similarly, the median apartment price stands at $300,000, which has risen at a slower pace of 2.1% over the past year. This growth in property values indicates a healthy demand for housing in the area.
The population of Lequille has experienced significant growth at a rate of 7.1%, suggesting an influx of residents that could be contributing to the increased demand for housing. The robust population growth coupled with rising property prices suggests that the market is receptive to new residential developments and there may be an undercurrent of housing scarcity fueling these trends.
Investment Opportunities and Potential
Investment opportunities within the Lequille real estate market appear promising due to the consistent upward trend in property values. Investors can leverage the 3.5% growth in house prices as a signal for potential capital gains on purchases of residential properties. Furthermore, with apartments showing a positive trend at a 2.1% increase year-over-year, multi-unit residential buildings may present lucrative investment possibilities for those looking to enter the rental market.
The strong population growth not only offers immediate opportunities for rental income but also suggests long-term appreciation potential for both housing and apartment investments. New developments tailored toward meeting the increased housing demand could attract both renters and buyers alike.
Future Market Outlook
The future outlook for Lequille’s real estate market remains optimistic based on current data. If the population continues to grow at its current pace, demand for housing is expected to sustain or potentially increase. This could further drive property prices up unless there is a corresponding rise in new construction to meet this demand.
Given the ongoing trends, investors and developers should monitor local economic indicators and consider engaging in residential projects that align with emerging needs of the growing community. However, it’s also crucial to remain mindful of broader economic conditions that could affect interest rates and borrowing costs which can influence buyer affordability and consequently impact property values.
