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
Current Market Conditions and Trends in Summerville, Nova Scotia
The real estate market in Summerville, Nova Scotia, is currently experiencing stable growth. With a median house price of $500,000 and a year-over-year increase of 3.5%, the market is showing healthy progression without the volatility seen in some other regions. Similarly, the median apartment price stands at $300,000, with a slightly lower growth trend of 2.1% over the past year.
Such steady growth is indicative of a balanced market that is neither overly favoring buyers nor sellers. The local population has grown by 7.1%, suggesting increased demand for housing due to demographic trends. This population increase could be a driver for sustained real estate demand, potentially leading to continued appreciation in property values over time.
Investment Opportunities and Potential in Summerville
The investment potential in Summerville’s real estate market is promising due to several key factors. The consistent growth in property values suggests that investments made now could yield solid returns in the future. Furthermore, the rising population implies a growing pool of potential renters or buyers, which is good news for investors looking at rental properties or flipping opportunities.
With house prices showing stronger growth than apartments, single-family homes may offer better capital appreciation prospects. However, apartments might appeal to investors seeking properties with lower entry costs and potentially higher rental yield ratios.
Given Summerville’s upswing, areas within the city poised for infrastructure development or revitalization should be closely monitored by investors for opportunities to enter the market before prices potentially escalate further.
Future Market Outlook for Summerville
The outlook for Summerville’s real estate market remains positive. Assuming current economic conditions persist and the region continues to attract new residents, demand for housing should remain strong. The robust population growth rate can act as a catalyst for new developments and increased consumer spending within the community.
However, it is important to consider external economic factors that could impact this outlook such as interest rate changes, employment rates, and broader economic trends both provincially and nationally.
In conclusion, while current trends point towards a favorable investment climate and potential for steady market growth in Summerville, investors should maintain a keen eye on both local developments and wider economic indicators to make informed decisions about entering or exiting this market.
