Westport, 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 Westport, Nova Scotia
The real estate market in Westport, Nova Scotia, is currently characterized by steady growth. The median house price stands at $500,000, reflecting a healthy year-over-year increase of 3.5%. This suggests a sustained demand for housing in the area coupled with a market that offers stability to homeowners. Similarly, the median apartment price has risen to $300,000, with a slower yet consistent appreciation rate of 2.1% over the past year.
Westport’s population has been growing at a significant rate of 7.1%, indicating an influx of residents that could be attributed to various factors such as attractive job opportunities, lifestyle preferences for smaller communities, or the overall appeal of Nova Scotia as a province. This demographic trend is likely contributing to the real estate demand and could impact long-term market dynamics.
Investment Opportunities and Potential in Westport
Investors considering Westport should note the steady increase in property values which signals potential for capital gains over time. The robust population growth further underscores opportunities for rental property investments, as more individuals moving into the area may initially seek rental accommodations before purchasing homes.
The consistent appreciation of apartment prices at 2.1% yearly also points to a solid investment opportunity in multi-family dwellings. As urbanization trends continue and people look for affordable living options outside major metropolitan areas, investing in apartments could cater to this emerging market segment.
Prospective investors should also consider diversifying their real estate portfolios within Westport to mitigate risks and capitalize on different market segments’ growth potential.
Future Market Outlook for Westport Real Estate
The future outlook for the Westport real estate market remains positive based on current trends. The combination of sustained population growth and steady property value increases suggests that demand will continue to support the health of the local real estate market. With the economy adapting post-pandemic and interest in less densely populated areas rising, Westport may benefit from these broader trends.
However, investors and homebuyers must stay informed about local economic developments, changes in interest rates, and national housing policies that could influence future market conditions. Monitoring these factors will be crucial for making informed decisions within the Westport real estate market.
In conclusion, while present conditions indicate a stable and growing market with investment potential, ongoing vigilance regarding economic indicators is advised for those participating or considering entry into the Westport real estate sphere.
