Millville, 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 Millville, Nova Scotia, is experiencing a period of steady growth. The median house price stands at $500,000, with a year-over-year increase of 3.5%. This reflects a healthy demand for houses in the area, which may be driven by several factors such as local economic stability, appealing amenities, and an attractive lifestyle that the town offers.
Additionally, the median apartment price is currently $300,000, showing a slightly lower but still positive growth trend of 2.1% from the previous year. The disparity in growth rates between houses and apartments could indicate a higher demand for single-family homes.
With a population of 15,000 and a robust population growth rate of 7.1%, Millville is experiencing demographic expansion that could further feed into real estate demand. Such population growth often brings about increased consumer spending, business development opportunities, and housing needs—factors that are beneficial for the real estate market.
Investment Opportunities and Potential
The current market conditions suggest that Millville is ripe for investment opportunities in both residential and rental properties. The consistent rise in property values indicates that purchasing real estate now could lead to capital appreciation over time. Moreover, the strong population growth can be seen as an opportunity for investors to cater to new residents looking for housing.
In terms of rental investments, the growing population may result in higher demand for rental units, potentially leading to favorable rental yields for landlords. This is particularly relevant with the slower growth observed in apartment prices; it might provide an affordable entry point for investors seeking to capitalize on the rental market without the higher initial costs associated with house purchases.
Future Market Outlook
The future of Millville’s real estate market looks optimistic. Assuming current trends continue, one can anticipate ongoing moderate price increases across both houses and apartments. The strong population growth serves as a foundation for sustained demand which should support property values moving forward.
However, potential investors and homeowners should keep an eye on broader economic indicators and local developments that could impact these trends. Factors such as employment rates, infrastructure projects, and changes in interest rates could all influence future market conditions.
In conclusion, based on careful analysis of available data and observable trends, Millville presents itself as a community with promising real estate potential for both homeownership and investment purposes.
