Melville, 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 Melville, Nova Scotia is currently experiencing steady growth. The median house price in the area sits at $500,000, which represents a year-over-year increase of 3.5%. This growth rate is indicative of a healthy demand for housing, which may be attributed to the region’s growing economy and population. Meanwhile, the apartment sector also shows positive momentum, with the median price being $300,000 and an increase of 2.1% from the previous year.
With a population of 15,000, which has grown by 7.1%, Melville is seeing an influx of new residents. This demographic trend can be expected to continue fueling demand for both purchasing and renting properties. The blend of property type appreciation rates suggests a balanced market that caters to both homebuyers looking for long-term residence and investors interested in income properties.
Investment Opportunities and Potential
The investment potential in Melville’s real estate market is promising due to steady growth rates and population increases. With house prices growing at a slightly faster pace than apartment prices, there seems to be a stronger market for single-family homes. This could point to an opportunity for investors looking to purchase residential properties to cater to families or individuals seeking more space, especially given the current trends in remote work and the desire for larger living areas.
Apartments also present a viable investment opportunity particularly for those looking to tap into the rental market or offer short-term accommodations. As the region continues to grow, housing needs for both permanent and temporary residents are likely to rise, potentially providing consistent rental income streams for investors.
Future Market Outlook
The outlook for Melville’s real estate market is cautiously optimistic. Population growth remains a strong indicator that demand will persist, possibly leading to a continued moderate increase in property values. Assuming no major economic disruptions occur, both the housing and apartment markets are expected to maintain their upward trajectories.
An important consideration for future analysis will be watching how local economic developments and infrastructural improvements align with real estate demands. As Melville attracts more businesses and amenities to serve its growing population, we can expect the property market dynamics to evolve accordingly.
In conclusion, Melville’s real estate market offers solid opportunities for buyers and investors alike who are looking for stable growth potential in their investments. Continuous monitoring of demographic trends alongside economic factors will be key in making informed decisions moving forward.
