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
The real estate market in Parrsboro, Nova Scotia, is currently experiencing a period of moderate growth. The median house price stands at $500,000, with a year-over-year increase of 3.5%. This trend indicates a steady demand for housing in the area, possibly driven by both local factors and broader provincial market conditions.
Similarly, the apartment sector has seen a rise in values, with the median apartment price at $300,000 and growing at a slightly more modest rate of 2.1% annually. Compared to houses, this slower growth rate might suggest that the local market is more favorable for single-family homes or that there’s a surplus of apartments available.
Parrsboro’s population has grown by 7.1%, which is considerably higher than the national average. This influx of residents could be contributing to the increased demand for housing and can be seen as both a cause and effect of the healthy real estate trends.
Investment Opportunities and Potential
With the current positive growth indicators, Parrsboro presents several attractive investment opportunities. The consistent increase in property values suggests that investors purchasing residential properties now could benefit from continued capital appreciation. Moreover, the above-average population growth can lead to greater rental demand, potentially offering favorable returns for those interested in becoming landlords or operating vacation rentals.
Investors should note that while the market is growing, it still offers relatively affordable entry points compared to major urban centers. This affordability factor could attract first-time homebuyers or individuals looking for vacation properties, enhancing the long-term potential for real estate investments in Parrsboro.
Future Market Outlook
The future outlook for Parrsboro’s real estate market remains optimistic given current trends. With both house and apartment prices showing steady increases and substantial population growth, it is likely that this trajectory will continue into the near future. However, investors and homebuyers should monitor economic factors such as employment rates, interest rates, and regional development plans that could influence market dynamics.
The town’s attractiveness due to natural beauty and community amenities may also sustain demand for local real estate. Provided that these conditions persist and potential economic challenges are managed effectively, Parrsboro’s real estate market appears poised for sustained growth over the coming years.
