Spryfield, Nova Scotia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| Stock on market | 0.9% |
Apartment
| Median price | $295,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.9% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $495,000 |
| 4 bedrooms | $620,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $340,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2025) | 15,500 |
| Previous Population (2020) | 15,000 |
| Population Change | 3.3% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,600 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Spryfield, Nova Scotia is currently experiencing steady growth. With a median house price of $495,000, there has been an increase of 3.2% year-over-year, suggesting a healthy upward trend in property values. Similarly, the median apartment price has reached $295,000 with a more modest year-over-year growth of 1.9%. This differential growth rate indicates a stronger competitive market for houses than apartments.
Spryfield’s population has grown by 3.3%, reflecting an expanding community that could potentially fuel further demand in the housing market. This demographic trend is an essential factor contributing to the current market conditions where demand seems to be outpacing supply, leading to an appreciation in property values.
Investment Opportunities and Potential
The investment potential in Spryfield appears promising due to the continuous growth in property values. Houses represent a more dynamic investment opportunity at this time due to their higher appreciation rate compared to apartments. However, apartments may appeal to investors looking for lower entry points into the real estate market or those seeking rental properties in response to growing population demands.
Investors should also consider the broader economic indicators and infrastructure developments within the region which could impact future property values. Given the trends observed and the ongoing population growth, both residential and commercial investments could present fruitful opportunities if strategically selected based on location and type of real estate.
Future Market Outlook
Looking ahead, the Spryfield real estate market exhibits signs of continued growth. The consistent increase in median prices for both houses and apartments suggests a stable market with ongoing investment potential. The robust population growth rate further supports this outlook as it may lead to sustained demand for housing.
However, investors should remain vigilant and consider external factors such as interest rates, economic stability, and changes in local employment which can all affect market conditions. An informed approach that takes into account both current trends and potential risks will be essential for those looking to capitalize on Spryfield’s real estate opportunities.
