Troy, 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 Troy, Nova Scotia, the real estate market is currently experiencing a steady growth in property values. Median house prices stand at $500,000, with a year-over-year increase of 3.5%. This suggests a healthy demand for single-family homes in the area, which may be driven by factors such as the region’s lifestyle appeal and economic stability.
Apartments in Troy are also seeing an upward trend, albeit at a slower pace, with median prices at $300,000 and a growth rate of 2.1% year-over-year. The less pronounced increase could be due to a variety of factors including the relative abundance of apartment inventory or a more moderate demand compared to houses.
The population of Troy has witnessed significant growth, currently standing at 15,000 with an impressive growth rate of 7.1%. The influx of residents could be contributing to the increased demand for housing and might indicate a shift in demographic patterns favoring the area.
Investment Opportunities and Potential
The consistent rise in property values coupled with substantial population growth presents numerous investment opportunities within Troy’s real estate market. Investors might find particular potential in single-family homes given their stronger appreciation rate. Rental properties could also benefit from the growing population that may include new residents not yet ready to purchase homes.
A more conservative investment approach could focus on apartments due to their lower price point and slower, yet positive appreciation rate. These properties could appeal to smaller households or young professionals attracted by urban living or those seeking more affordable housing options.
With the population on the rise, there may also be opportunities for new development projects geared towards meeting the increased demand for housing across various segments of the market.
Future Market Outlook
The future outlook for Troy’s real estate market appears promising. The sustained year-over-year property value increases indicate that the market is likely to continue its upward trajectory in the near term. Assuming that current economic conditions persist and no major disruptive events occur, investors can reasonably expect ongoing appreciation in property values.
The strong population growth is poised to further fuel demand for housing. However, investors should keep an eye on local developments such as changes in zoning laws, infrastructure projects, and economic policies which could impact future market dynamics.
Overall, Troy’s real estate market offers both stability for conservative investors and growth potential for those seeking more aggressive investment strategies. As always, it is important for investors to conduct thorough due diligence and consider long-term trends alongside short-term data when making investment decisions.
