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
The real estate market in Somerset, Nova Scotia, is currently experiencing steady growth. The median house price stands at $500,000, exhibiting a year-over-year increase of 3.5%. This growth suggests a healthy demand for single-family homes in the region. Similarly, the median apartment price has reached $300,000 with a more moderate appreciation rate of 2.1% over the same period. These trends point to a balanced market that caters to both homebuyers and investors looking for various types of properties.
With a population of 15,000 and a notable population growth of 7.1%, Somerset is likely becoming an increasingly attractive destination for both residents and investors. Population growth is often correlated with increased demand for housing, which may contribute to the upward pressure on property prices in the area.
Investment Opportunities and Potential
In terms of investment potential, Somerset presents several promising avenues. The consistent rise in property values indicates a stable market where investments can appreciate over time. For investors targeting rental income, the population increase is a positive sign that could translate into higher demand for rental properties.
The relative affordability of apartments compared to houses in Somerset also suggests there may be considerable opportunities for investors to enter the market at a lower price point with apartments. Given their lower year-over-year price increase rate, apartments might offer an entry window before potentially catching up with the housing price growth trend.
Future Market Outlook
Looking ahead, Somerset’s real estate market appears poised for continued growth. The robust population expansion underpins potential future demand for housing within the region. If current trends persist, both median house and apartment prices are likely to continue their upward trajectory.
However, as with any real estate market prediction, it is important to consider broader economic factors such as interest rates, employment figures, and regional development plans that could influence market conditions. Investors and homebuyers should thus keep abreast of local news and economic indicators specific to Somerset as well as provincial and national shifts that could impact the real estate landscape.
