Parrsboro, 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 (2025) | 15,000 |
| Previous Population (2020) | 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
Parrsboro’s real estate market is currently experiencing a period of growth, reflected in the year-over-year increase in property values. The median house price sits at $500,000 with a positive trend of 3.5% over the past year, indicating a healthy demand for single-family homes. Likewise, the apartment market is showing signs of steady growth with the median price at $300,000 and an annual price trend of 2.1%. This suggests that both segments of the housing market are expanding at a sustainable rate.
The population of Parrsboro has seen a significant uptick with growth recorded at 7.1%. This demographic change is likely contributing to the increased demand for housing, as more individuals and families settle in the area. The rise in population can be attributed to various factors such as attractive living conditions, employment opportunities, or regional investment attracting new residents.
Investment Opportunities and Potential
The real estate market in Parrsboro presents several investment opportunities for both residential and rental properties. Given the steady increase in property values and population growth, investors could anticipate continued appreciation in their real estate assets over time. Single-family homes are particularly promising due to their higher year-over-year price increase.
For those looking into rental investments, apartments offer a compelling option as well, especially considering their affordability relative to houses and their appeal to individuals or smaller families who may be new to the area or not ready for homeownership.
Additionally, the ongoing population growth suggests there will be a sustained demand for housing, which could lead to lower vacancy rates and potentially higher rental yields for investors. As newcomers arrive in Parrsboro seeking accommodation, strategically positioned investment properties could benefit from this demographic trend.
Future Market Outlook
The future outlook for Parrsboro’s real estate market appears optimistic. If current trends continue—particularly with respect to population growth and housing demand—investors and homeowners alike could expect further appreciation in property values. The consistent upward trend in house prices indicates a stable market that is likely to support long-term investments.
However, prospective buyers and investors should monitor local economic developments, zoning laws changes, or shifts in migration patterns that may influence the market dynamics. Keeping abreast of provincial and national economic indicators will also be crucial for making informed decisions about entering or exiting Parrsboro’s real estate market.
In conclusion, Parrsboro’s real estate market is showing positive signs that suggest both stability and potential for growth. With careful analysis and strategic investment choices, there are opportunities to capitalize on this burgeoning Nova Scotian community.
