Medford, 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 Medford, Nova Scotia, is experiencing steady growth. With a median house price of $500,000, we have observed a year-over-year increase of 3.5%. This positive trend reflects healthy demand and consumer confidence within the local housing market. Additionally, the median apartment price stands at $300,000, with a more modest appreciation of 2.1% over the past year.
The population of Medford has seen a significant upswing, growing by 7.1% to approximately 15,000 residents. This demographic growth is a key driver behind the increased demand for housing in the area. It has also contributed to the tightness in supply that supports ongoing price appreciation.
Investment Opportunities and Potential
Medford’s real estate market presents attractive investment opportunities, particularly for those looking to capitalize on steady capital gains. The consistent rise in property values suggests that purchasing residential properties could yield profitable returns through both rental income and long-term asset appreciation.
Investors can be cautiously optimistic about investing in apartments due to their lower entry cost and the current trend reflecting a gradual increase in value. While the growth rate for apartments is slower than houses at 2.1%, they present a potentially lower-risk investment with a stable demand attributed to the population growth and shifting housing needs.
Future Market Outlook
The future outlook for Medford’s real estate market remains positive. Population expansion coupled with economic stability is expected to uphold the progressive trajectory of property values. Assuming that current trends persist, investors and homeowners alike can anticipate continued growth in equity over time.
Careful monitoring of regional economic factors and infrastructure developments will be crucial as they could further influence property demand and prices. However, barring any unforeseen macroeconomic shifts, Medford’s real estate market holds promise for sustained prosperity in both the near and long term.
