Lockeport, 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 Lockeport, Nova Scotia, is currently experiencing a period of growth, as indicated by the year-over-year increase in property values. The median house price stands at $500,000 with a positive trend of 3.5% over the last year. Apartments are also seeing an upward trajectory, albeit at a slightly slower pace, with a median price of $300,000 and a 2.1% increase year-over-year.
This growth can be partially attributed to Lockeport’s population rise of 7.1%, signaling a healthy demand for housing in the area. The population increase is likely driving competition for available properties and contributing to the steady appreciation in home values.
Investment Opportunities and Potential
With both segments of the housing market—houses and apartments—showing positive price trends, Lockeport presents appealing opportunities for real estate investors. Single-family homes offer a higher growth rate, which may appeal to investors looking for capital appreciation. The apartment market, while growing at a slower rate, could be attractive for those seeking more affordable investment options or aiming to cater to renters who are not in the market for purchasing homes.
The robust population growth suggests that rental demand is likely to remain strong, providing potential for consistent rental income. Investors should note that as new residents move into the area, there may be opportunities to develop or invest in additional housing units to meet this growing demand.
Future Market Outlook
The future market outlook for Lockeport remains optimistic given current trends and demographic indicators. If the population continues to grow at its current rate, housing demand is expected to stay strong, potentially leading to further increases in property values over time.
However, investors should monitor local economic factors and any changes in migration patterns that might affect long-term property values. Infrastructure development and job market strength will also play crucial roles in shaping the future real estate landscape of Lockeport.
In conclusion, while present conditions appear favorable for both residential buyers and real estate investors, diligence and continual monitoring of Lockeport’s economic indicators are recommended to maximize investment potential and anticipate future market shifts.
