Whycocomagh, Nova Scotia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $480,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| Stock on market | 0.9% |
Apartment
| Median price | $290,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.1% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $420,000 |
| 3 bedrooms | $480,000 |
| 4 bedrooms | $580,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $330,000 |
| 3 bedrooms | $420,000 |
Demographics
| Current Population (2025) | 15,200 |
| Previous Population (2020) | 15,000 |
| Population Change | 1.3% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,500.5 |
Market Analysis
1. Current Market Conditions and Trends
The real estate market in Whycocomagh, Nova Scotia, is currently experiencing steady growth, with the median house price at $480,000, marking a year-over-year increase of 3.2%. This indicates a healthy demand for housing within the area, which is also reflected in the apartment sector with a median price of $290,000 and a growth trend of 2.5% over the past year.
The population of Whycocomagh stands at 15,200 with a growth rate of 1.3%, suggesting a slowly expanding community that could be contributing to the steady demand for real estate in the region. The incremental population growth aligns with the moderate pace at which property values are increasing, pointing towards a balanced market rather than one that is overheated.
2. Investment Opportunities and Potential
In light of the current market trends, Whycocomagh presents several attractive investment opportunities. The consistent increase in property values suggests that purchasing real estate now could yield solid returns as prices are expected to continue on an upward trajectory. For investors looking at long-term holdings, single-family homes represent a solid asset class given their higher median price and stronger growth rate compared to apartments.
However, with apartment prices growing at a slightly slower rate than houses, there may be potential for investors interested in entering the market at a lower price point or those aiming to cater to individuals who prefer more affordable or smaller-scale living spaces due to lifestyle choices or budget constraints.
3. Future Market Outlook
The future outlook for Whycocomagh’s real estate market appears promising based on current data. The ongoing population growth will likely continue driving demand for housing, both for purchase and rental. Provided that economic conditions remain stable and interest rates do not rise significantly, this demand should sustain the current upwards movement in property values.
Investors should note that while current trends point towards a positive outlook, external factors such as shifts in local employment rates or changes in provincial or federal property laws can impact market dynamics significantly. Therefore, staying informed on broader economic indicators and policy changes is crucial when considering real estate investments in Whycocomagh.
In conclusion, Whycocomagh’s real estate market demonstrates stable growth potential with reasonable investment opportunities across different property types. Bearing in mind the importance of due diligence and keeping abreast of wider economic trends will be key for investors looking to capitalize on this market’s prospects.
