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 | $420,000 |
| 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) | 6.0 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Millbrook, Nova Scotia, is experiencing steady growth. With a median house price of $500,000, the market has seen a healthy year-over-year increase of 3.5%. Similarly, the median apartment price stands at $300,000, with a year-over-year increase of 2.1%. These trends indicate a stable and growing residential property market.
The population of Millbrook currently stands at 15,000 residents and has seen a significant growth of 7.1%. This demographic expansion is contributing to the demand for housing in the area, which in turn supports the upward trend in property values. The combination of population growth and rising home values suggests a robust real estate market with continued demand for both houses and apartments.
Investment Opportunities and Potential
Given the current market conditions, Millbrook presents various investment opportunities. The consistent appreciation in property values offers potential capital gains for long-term investors. Furthermore, the growing population could lead to higher demand for rental properties, making it an attractive market for buy-to-let investors. The stability shown by the modest yet steady increase in apartment prices also points towards opportunities for entry-level investments.
Investors may find particular potential in new construction projects or in renovating existing properties to cater to the increasing population’s housing needs. Additionally, as more people move to Millbrook attracted by its lifestyle or employment opportunities, commercial real estate investments aimed at providing services and amenities could also be fruitful.
Future Market Outlook
The outlook for the Millbrook real estate market remains positive. The ongoing population growth is projected to sustain demand for housing, which could lead to a continued rise in property values over time. Assuming consistent economic conditions and job growth within the region, both residential and commercial real estate markets are expected to offer valuable prospects.
However, it is essential for investors to monitor external factors such as interest rates, government policies affecting homeownership, and broader economic trends that could influence buyer affordability and sentiment. Keeping abreast of these factors will be crucial in assessing the future trajectory of real estate prices in Millbrook.
