Pictou, Nova Scotia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $480,000 |
| Monthly growth | 1.0% |
| Quarterly trend | 2.8% |
| Stock on market | 0.7% |
Apartment
| Median price | $290,000 |
| Monthly growth | 0.6% |
| Quarterly trend | 1.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $480,000 |
| 4 bedrooms | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $440,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 14,500 |
| Population Change | 4.8% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends in Pictou, Nova Scotia
As of the latest data, Pictou’s real estate market is characterized by a steady increase in property values. The median house price in the area stands at $480,000, which marks a 2.8% increase year-over-year. This growth suggests a healthy demand for single-family homes, indicative of an active market where properties continue to appreciate at a moderate pace.
Similarly, the apartment sector has also seen growth, albeit at a slightly slower rate. The median apartment price is currently $290,000, with a year-over-year trend showing a 1.5% increase. This difference in growth rates between houses and apartments may reflect a stronger preference for detached homes in the region or could indicate an undersupply in the apartment market.
The population of Pictou has experienced a significant rise of 4.8%, which is likely contributing to the increased housing demand. This demographic expansion suggests that Pictou is attracting new residents, possibly due to economic opportunities or lifestyle attractions offered by the town and surrounding areas.
Investment Opportunities and Potential in Pictou
The real estate market in Pictou presents promising investment opportunities, especially given the current trends. Investors looking to capitalize on the rising property values may find single-family homes particularly appealing due to their higher rate of appreciation. With a median house price below half a million dollars and an upward trend in value, these properties offer potential for capital gains over time.
The slower growth in apartment prices might signal an opportunity for investors to enter the market at a more accessible price point before any potential acceleration in value occurs. Given the population growth and increasing demand for housing options, investments in multi-unit residential properties could yield substantial returns through both rental income and long-term appreciation.
Future Market Outlook for Pictou Real Estate
The future outlook for Pictou’s real estate market appears positive based on current trends and demographic indicators. Assuming that the factors driving population growth persist—such as job creation, lifestyle attractiveness, or immigration—the demand for housing is likely to remain strong or even increase.
If present trends continue, we can expect further incremental appreciation of property values across both houses and apartments. However, investors and homebuyers should also remain cognizant of broader economic conditions that might affect interest rates and borrowing costs—a key determinant for continued investment in real estate.
Overall, with its growing population and consistent rise in property values, Pictou seems poised for sustained real estate market health. Both homebuyers seeking long-term residences and investors looking for robust investment opportunities can find substantial prospects within this vibrant Nova Scotian community.
