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 (2025) | 15,000 |
Previous Population (2020) | 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 a period of steady growth. The median house price in the region stands at $500,000, reflecting a solid year-over-year increase of 3.5%. This indicates a healthy demand for housing in the area, likely driven by the town’s growing population and economic factors. Similarly, the median apartment price has reached $300,000, with a more modest year-over-year growth of 2.1%. The concurrent upward trend in both house and apartment prices suggests a balanced growth across different housing types.
Investment Opportunities and Potential
Given the current trends, Melville presents several attractive investment opportunities. The consistent increase in property values combined with a significant population growth of 7.1% underpins a robust demand for housing. Investors may find potential in purchasing residential properties to cater to the expanding local market. Additionally, rental properties could be an avenue for stable income given the influx of new residents seeking accommodation. With a well-balanced market expansion, investors can look towards long-term appreciation as well as immediate rental yields.
Future Market Outlook
The future of Melville’s real estate market looks promising based on existing trends and demographic data. The sustained population growth rate of 7.1% suggests that demand for housing will continue to rise, potentially pushing property prices further up. If the local economy remains stable or improves, contributing to job creation and higher incomes, we can expect the real estate market to maintain its positive trajectory. Investors should monitor factors such as interest rates, employment figures, and regional developments that could influence future market conditions. However, based on current data, Melville’s real estate market appears poised for ongoing growth in both the short and long term.