Paradise, 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
In Paradise, Nova Scotia, the real estate market exhibits steady growth. The median house price currently stands at $500,000, with a year-over-year increase of 3.5%. This growth rate indicates a healthy demand for housing in the area. Similarly, the median apartment price has seen a rise to $300,000, marking a year-over-year trend of 2.1%. The consistent appreciation in property values suggests that the market is experiencing balanced conditions, neither overly inflated nor stagnating.
The population of Paradise has reached approximately 15,000 residents, with an impressive growth rate of 7.1%. This influx of new residents may be driving the demand for housing and contributing to the upward pressure on property prices. As the population continues to grow, we can anticipate sustained demand for both houses and apartments in Paradise.
Investment Opportunities and Potential
The current real estate trends in Paradise present appealing opportunities for investors. Given the solid growth in property values and the robust population increase, investing in residential properties could yield favorable returns. The consistent appreciation of house and apartment prices suggests that investments made now could benefit from continued capital gains over time.
Furthermore, the demographic expansion implies a potential for rental market development. Investors might consider purchasing properties to cater to new residents who may initially seek rental accommodation before transitioning into homeownership. This strategy could provide investors with a stable rental income stream while also benefiting from property value appreciation.
Future Market Outlook
The future outlook for Paradise’s real estate market appears positive. Assuming current trends persist, with ongoing population growth and stable economic conditions, we can expect further gradual increases in property values. The year-over-year growth rates for houses and apartments suggest that there is room for sustainable expansion without fear of an overheated market.
The long-term forecast should consider potential shifts in economic factors such as interest rates, employment levels, and regional development initiatives that could impact housing demand. However, based on existing data, Paradise’s real estate market is poised to remain a promising area for both homebuyers and investors alike.
