Summerville, 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
1. Current Market Conditions and Trends
The real estate market in Summerville, Nova Scotia, is currently characterized by moderate growth. The median house price stands at $500,000, with a year-over-year increase of 3.5%. This indicates steady appreciation in housing values, suggesting a healthy demand for single-family homes in the region.
Similarly, the apartment sector is also experiencing growth but at a slightly slower pace. The median apartment price has reached $300,000, with an annual appreciation rate of 2.1%. This difference in growth rates between houses and apartments may reflect a stronger preference for more spacious living accommodations or a trend towards homeownership as opposed to renting.
The area’s population has grown to 15,000 residents, showing a robust growth rate of 7.1%. Population growth is a critical driver of housing demand, and this significant increase suggests that Summerville’s real estate market could continue to see sustained demand.
2. Investment Opportunities and Potential
The current trends indicate that investing in Summerville’s real estate could be promising. The consistent appreciation of both houses and apartments points to a stable market with ongoing potential for capital gains. Additionally, the strong population growth suggests that rental properties might also be a viable investment option as new residents may initially seek rental accommodations before purchasing homes.
Investors should consider the relatively higher growth rate in house prices when evaluating the type of property to invest in. Single-family homes might offer better long-term capital gains due to their higher appreciation rate. However, apartments could be more accessible entry points for investors and might cater to individuals or smaller households who prefer lower-maintenance living or cannot afford higher-priced detached homes.
3. Future Market Outlook
The outlook for Summerville’s real estate market is cautiously optimistic. If current trends persist, one can expect continued moderate growth in property values driven by ongoing population increases and demand for housing. Should the local economy remain stable or improve, supporting job creation and income growth, the real estate market could benefit from bolstered demand.
The region’s attractiveness to potential new residents—due to factors such as lifestyle offerings, economic opportunities, or other local amenities—will play a crucial role in sustaining population growth and by extension, the real estate market’s dynamism.
Investors and homebuyers should monitor key economic indicators and any policy changes affecting the housing market closely. Factors such as interest rates, employment rates, and government incentives for homebuyers can significantly influence market conditions over time.
