Nelson, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $650,000 |
| Monthly growth | 1.5% |
| Quarterly trend | 4.2% |
| Stock on market | 0.6% |
Apartment
| Median price | $400,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $550,000 |
| 3 bedrooms | $650,000 |
| 4 bedrooms | $750,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $300,000 |
| 2 bedrooms | $400,000 |
| 3 bedrooms | $500,000 |
Demographics
| Current Population (2024) | 15,000 |
| Previous Population (2019) | 14,500 |
| Population Change | 3.4% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 6.0 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
Nelson, British Columbia is experiencing a steady real estate market characterized by moderate price appreciation. With a median house price of $650,000 and an upward year-over-year trend of 4.2%, the market is showing signs of healthy growth. Similarly, the median apartment price stands at $400,000, with a slower but still positive year-over-year trend of 2.5%. This growth can be partly attributed to Nelson’s desirability as a residential destination and its vibrant local economy.
The population of Nelson has grown to approximately 15,000 residents, with a notable population growth rate of 3.4%. This increase suggests a rising demand for housing in the area, which may support the continued health of the real estate market.
Investment Opportunities and Potential
Given the consistent rise in property values, Nelson presents attractive investment opportunities for both residential and commercial real estate investors. The positive trend in house prices indicates a robust market that could offer capital gains over time. Additionally, the growing population suggests an increasing need for rental properties, potentially offering strong rental yields to investors in the apartment sector.
With its picturesque setting and lifestyle appeal, Nelson is also becoming a popular choice for remote workers and retirees. This demographic shift could result in new development projects and conversions aimed at meeting the specific housing needs of these groups.
Future Market Outlook
The future market outlook for Nelson’s real estate sector remains optimistic. The sustained population growth coupled with the current economic stability points towards ongoing demand for housing. If these trends continue, it is reasonable to expect that property values will keep rising moderately.
However, potential investors should remain vigilant about broader economic conditions that could impact interest rates and affordability. Additionally, as more people move to Nelson seeking quality of life, there may be an increased push towards sustainable development to ensure that growth does not compromise the region’s natural beauty and community character.
