Millbrook, 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 Millbrook, Nova Scotia is showing a stable growth pattern. The median house price is currently at $500,000, with a year-over-year increase of 3.5%. This moderate but consistent appreciation rate suggests a healthy demand for single-family homes. Additionally, the median apartment price stands at $300,000, which has also experienced a growth of 2.1% over the past year. The steady climb in apartment prices indicates a robust interest in more affordable, multi-family housing options.
Millbrook’s market is also influenced by its growing population, currently at 15,000 residents, which has seen a significant growth rate of 7.1%. This demographic expansion is likely contributing to the demand for housing and helping to maintain the upward pricing trend.
Investment Opportunities and Potential
The continuous population growth coupled with sustainable increases in property values suggests strong investment opportunities within Millbrook’s real estate market. The single-family home segment, with its higher rate of appreciation, presents potential for long-term capital gains for investors. Meanwhile, the apartment segment offers an opportunity for those looking to invest in rental properties to cater to individuals and smaller households seeking more affordable living spaces.
The diverse range of investment options available reflects an adaptable market that can cater to various investor profiles, whether they are interested in capital appreciation or rental income generation.
Future Market Outlook
Looking ahead, the future of Millbrook’s real estate market appears promising. If the current trends continue—supported by population growth and consistent property value increases—the market is expected to remain favourable for both homebuyers and investors. However, investors should monitor local economic factors and potential shifts in housing supply and demand dynamics to make informed decisions.
The sustained increase in property values indicates that Millbrook may continue to attract attention from those looking outside major urban centres for more affordable housing options or lifestyle changes. As long as these conditions persist, Millbrook is poised to be a resilient and growing market within Nova Scotia’s real estate landscape.
