Melbourne, 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 | $450,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $460,000 |
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 Melbourne, Nova Scotia, is currently experiencing steady growth. The median house price stands at $500,000, showing a healthy year-over-year increase of 3.5%. Similarly, the apartment sector has seen a rise in value with the median price reaching $300,000, which indicates a more moderate year-over-year growth of 2.1%. This consistent upward trend in property values is an indicator of a robust and growing market.
The population growth of Melbourne has been substantial at 7.1%, which has contributed to the increased demand for housing. The influx of new residents seeking accommodation can exert upward pressure on both rental and purchase prices, due to heightened competition for available properties.
Investment Opportunities and Potential
Melbourne’s real estate market presents a promising landscape for investors. The combination of steady price increases and significant population growth suggests that there is robust demand for residential properties. Investors could potentially expect continued appreciation in property values and stable rental income streams.
The current trends also highlight opportunities in the development sector, as new housing may be needed to accommodate the expanding population. Investors could explore possibilities in both single-family homes and apartment complexes, aiming to meet different housing needs within the community.
Future Market Outlook
Looking ahead, Melbourne’s real estate market appears poised for ongoing growth. The strong population increase hints at sustained demand for housing, which should support property values over time. If the current economic conditions persist and the population continues to rise at or above the current rate, we can reasonably expect a continuation of the positive trends observed within both house and apartment markets.
However, it is also important to consider external economic factors that may impact mortgage rates, employment stability, and overall consumer confidence. These elements will play critical roles in determining the actual trajectory of the market. Investors and homeowners should remain vigilant and informed about both local and broader economic signals to make educated decisions within this dynamic market environment.
