Merigomish, 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 Merigomish, Nova Scotia is currently experiencing steady growth. With a median house price of $500,000, the year-over-year increase stands at 3.5%. This suggests a healthy demand for detached homes in the area. Similarly, apartments are seeing a positive trend with a median price of $300,000 and a more modest year-over-year increase of 2.1%. These statistics indicate that the market is growing at a sustainable rate without signs of overheating.
Investment Opportunities and Potential
Merigomish’s real estate market presents diverse investment opportunities. The consistent rise in property values, coupled with the area’s population growth of 7.1%, points to strong potential for both residential property appreciation and rental market yields. Investors could potentially benefit from purchasing properties to cater to the increasing population or to capitalize on the demand for vacation homes given the town’s scenic coastal setting.
Future Market Outlook
The future outlook for Merigomish’s real estate market appears promising. The ongoing population growth will likely continue to drive demand for housing. Given the current trends with moderate price increases, the market is poised for sustained growth without the immediate risk of a bubble. Investors and homebuyers can be cautiously optimistic about entering the market, expecting continued appreciation in property values over the long term.
