Mushaboom, Nova Scotia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 3.2% |
| Stock on market | 0.7% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.0% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $385,000 |
| 3 bedrooms | $495,000 |
| 4 bedrooms | $605,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $345,000 |
| 3 bedrooms | $440,000 |
Demographics
| Current Population (2024) | 15,200 |
| Previous Population (2019) | 14,000 |
| Population Change | 5.1% |
| Total Private Dwellings | 6,050 |
| Occupied Private Dwellings | 5,600 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Mushaboom, Nova Scotia, is currently experiencing moderate growth. The median house price stands at $495,000 with a year-over-year increase of 3.2%. This indicates a steady yet controlled uptick in housing prices, suggesting that the market is growing at a sustainable pace.
Similarly, the apartment sector shows signs of growth with a median price of $295,000 and an annual increase of 2%. Compared to the housing segment, apartments are seeing somewhat slower price appreciation. This could be due to a greater demand for single-family homes or a more significant inventory of apartments.
The population of Mushaboom has reached 15,200 residents and is growing at a rate of 5.14% per year. This growth is likely contributing to the increased demand for housing and helping drive property values upward.
Investment Opportunities and Potential
The consistent growth in property values coupled with the robust population increase points towards substantial investment opportunities in Mushaboom. For investors looking to enter the market, single-family homes represent a promising avenue given their higher appreciation rate compared to apartments.
Investors should also take note of the growing population which may lead to heightened demand for rental properties. As such, purchasing rental units or developing multi-family dwellings could be particularly lucrative as more people move into the area seeking accommodation.
With careful analysis of local trends and future development plans in Mushaboom, strategic investments made today could yield significant returns in the coming years.
Future Market Outlook
The future outlook for Mushaboom’s real estate market remains positive. Population growth tends to be a strong driver of demand for housing, and with an increasing population growth rate of over 5%, this trend is expected to continue.
If current trends persist, property prices are likely to keep rising at a steady rate. This suggests that both short-term flips and long-term holds could be profitable strategies for real estate investors. However, it is crucial for investors to remain cognizant of economic factors that may impact the broader Nova Scotia real estate market, as well as any local developments that could affect property values in Mushaboom specifically.
In conclusion, Mushaboom’s real estate market presents favorable conditions for potential investors with its steady price increases and significant population growth. With careful consideration and strategic planning, investments made today have strong potential for future gains.
