Somerset, 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
In Somerset, Nova Scotia, the real estate market is currently experiencing a steady growth in property values. The median house price stands at $500,000, reflecting a year-over-year increase of 3.5%. This consistent upward trend indicates a healthy demand for single-family homes within the community. Similarly, apartments are also seeing a rise in value with the median price at $300,000 and an annual growth rate of 2.1%. These trends are underpinned by a growing population, which has seen a substantial increase of 7.1%, suggesting an influx of new residents and potential homebuyers to Somerset.
Investment Opportunities and Potential
The positive trajectory of property values, combined with the significant population growth, marks Somerset as an attractive location for real estate investment. Single-family homes present a particularly strong opportunity for both rental income and capital appreciation given their higher year-over-year price increase. With median house prices at half a million dollars, investments in this segment can cater to families seeking long-term residences in a growing community.
Apartments offer a more accessible entry point for investors at $300,000 median prices and may appeal to professionals or smaller households interested in living in Somerset. The slower growth rate compared to houses suggests that the apartment market may have more room for expansion and could be an area for investors to watch closely.
Future Market Outlook
The real estate market in Somerset shows promising signs for continued growth. The robust population increase is expected to further drive housing demand, both for purchasing and renting. Assuming economic conditions remain favorable and the influx of new residents continues, it is likely that both segments of the market—houses and apartments—will maintain their upward trends.
Investors should monitor the local economy’s performance and any developments that may affect housing demand, such as job creation or improvements in local amenities. Caution should be exercised with respect to global economic factors that could impact interest rates and borrowing costs. However, given the current data, Somerset’s real estate market presents a compelling opportunity with a positive outlook for those looking to invest in property over the medium to long term.
