Millvale, 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
Millvale, Nova Scotia, is currently experiencing a stable real estate market. The median house price in the area stands at $500,000, representing a moderate year-over-year increase of 3.5%. This growth rate suggests a healthy demand for housing, likely driven by the area’s robust population growth of 7.1%. Meanwhile, apartments are showing a more modest growth trend with the median price at $300,000 and an increase of 2.1% over the past year.
Investment Opportunities and Potential
Investment opportunities in Millvale appear promising due to the consistent growth in property values and the significant increase in population. The demand for housing is expected to remain strong, with single-family homes being particularly attractive due to their higher appreciation rate. Apartments present a solid opportunity for rental investments, especially given the increasing need for affordable housing options amidst population expansion. Investors should also consider diversifying their portfolios within Millvale’s various neighbourhoods to take advantage of local market variances.
Future Market Outlook
Looking forward, Millvale’s real estate market is poised for continued growth. The steady rise in property values coupled with ongoing population growth presents a favourable outlook for both homeowners and investors. With no immediate signs of market saturation or economic downturns impacting this trajectory, Millvale is positioned as an attractive locale for long-term investments. However, investors should keep an eye on economic indicators and municipal development plans that could influence future market conditions.
