Melbourne, Nova Scotia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.8% |
| Stock on market | 0.9% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $385,000 |
| 3 bedrooms | $495,000 |
| 4 bedrooms | $600,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $440,000 |
Demographics
| Current Population (2024) | 15,200 |
| Previous Population (2019) | 14,500 |
| Population Change | 4.8% |
| Total Private Dwellings | 6,100 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
As of our latest data collection, the real estate market in Melbourne, Nova Scotia is exhibiting stable growth. The median house price in the area is currently $495,000, which marks a 3.8% increase year-over-year. This indicates a steadily appreciating market that may be attracting home buyers looking for long-term value. Similarly, apartments are following an upward trend with the median price standing at $295,000—up by 2.5% from the previous year. This more moderate increase suggests that apartments could be a more accessible entry point for new investors or homebuyers.
The population of Melbourne has grown to 15,200 residents, with a significant growth rate of 4.8%. This demographic expansion is likely contributing to the demand for housing in both the private sale and rental markets. The current trends suggest a robust real estate environment with continued demand for residential properties.
Investment Opportunities and Potential
Given the sustained growth in property values and population increases, Melbourne presents several promising opportunities for real estate investment. The positive trajectory of house prices indicates room for capital gains, particularly for those looking to hold properties over the medium to long term. The consistent rise in apartment prices also suggests potential for investors focusing on this housing segment—especially as rental demand may increase due to population growth.
Aside from direct property investment, there may be opportunities in development projects aimed at meeting the housing needs of a growing population. Investors could also consider exploring vacation rental properties or seasonal lets given Melbourne’s appeal as a Nova Scotian destination.
Future Market Outlook
The future market outlook for Melbourne, Nova Scotia remains optimistic. With the population expanding at a healthy rate, it’s reasonable to anticipate ongoing demand for housing. If current trends persist, both house and apartment prices are likely to continue their upward trajectory. However, investors should remain mindful of broader economic conditions and potential local factors that might impact the real estate market.
Infrastructure developments and community investments can further enhance property values and attract new residents. The key will be balancing growth with sustainable development to maintain Melbourne’s appeal while optimizing its real estate potential.
