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 steady growth. The median house price stands at $500,000, reflecting a year-over-year increase of 3.5%. This consistent upturn indicates a healthy demand for housing within the area. Similarly, the median apartment price has reached $300,000, showing a slightly more modest growth rate of 2.1% year-over-year.
The population of Troy has seen significant growth as well, with an impressive surge of 7.1%, which is likely contributing to the increased housing demand. This demographic shift suggests that Troy is becoming an increasingly attractive destination for both individuals and families seeking residence in Nova Scotia.
Investment Opportunities and Potential
The current trends in Troy’s real estate market offer promising opportunities for investors. The consistent growth in property values coupled with the burgeoning population suggests that both rental and sales markets are ripe for investment. The greater increase in house prices relative to apartments may indicate a particularly strong potential for single-family home investments.
As more people move to Troy, the demand for rental properties is likely to rise, potentially driving up rental yields for investors. With the current trends, long-term capital gains also seem promising given the steady appreciation of property values over time.
Future Market Outlook
The future outlook for the real estate market in Troy appears positive. Assuming that the current trends continue, we can expect further growth in property values and a stable investment environment. The robust population growth serves as a key indicator that demand will persist, possibly leading to tighter housing inventory and subsequent price increases.
However, it is also important to monitor local economic developments and any changes in provincial housing policies as they could impact these trends. Investors should consider diversifying their portfolios across different property types and keeping an eye on interest rate movements, as these factors could influence buyer affordability and the overall health of the real estate market in Troy.
