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, currently presents a stable environment with consistent growth. The median house price stands at $500,000, which has seen a year-over-year increase of 3.5%. This growth trend indicates a healthy demand for single-family homes and reflects the overall economic stability of the region. Meanwhile, the apartment sector has shown a slightly lower growth rate with the median price at $300,000 and an upward trend of 2.1% year-over-year.
The local population has experienced a significant increase of 7.1%, which now totals around 15,000 residents. This rapid growth could be a contributing factor to the steady demand for housing in Millville and suggests that the market is expanding alongside the population.
Investment Opportunities and Potential
Given the steady rise in property values and the robust population growth, Millville offers promising investment opportunities for both residential and rental properties. The consistent appreciation in house prices implies that purchasing property for long-term capital gains could be lucrative for investors. The increase in apartment prices, although more modest than houses, also suggests potential for solid returns on investment in multi-family dwellings or condominiums.
In addition to buying properties for resale, there is potential for rental income investments due to the growing population. Newcomers to Millville may initially seek rental accommodation, which could drive up rental demand and offer favorable conditions for landlords and real estate investors focusing on income-generating assets.
Future Market Outlook
The future market outlook for Millville remains positive. The current trends suggest continued growth in property values driven by ongoing population increases and sustained economic development in the region. Assuming these conditions persist, we can expect further upward momentum in both house and apartment prices.
The local government’s commitment to infrastructure development and community services will likely support this outlook by enhancing Millville’s attractiveness as a place to live. Investors should monitor indicators such as employment rates, new business growth, and regional economic policies as these factors will play critical roles in shaping the future real estate landscape of Millville.
