Wilmot, Nova Scotia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $475,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.2% |
| Stock on market | 0.7% |
Apartment
| Median price | $290,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 1.9% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $425,000 |
| 3 bedrooms | $475,000 |
| 4 bedrooms | $600,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $240,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $400,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 14,500 |
| Population Change | 3.5% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,700 |
| Population Density (per km²) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Wilmot, Nova Scotia, currently exhibits a stable growth trend. With a median house price of $475,000 and an annual appreciation rate of 3.2%, the market is showing healthy growth that is slightly above the national average. This suggests a strong demand for housing in the area, likely driven by both local factors and broader provincial economic conditions.
Similarly, the apartment sector has witnessed a year-over-year price increase of 1.9%, bringing the median apartment price to $290,000. Although this growth rate is modest compared to houses, it signifies a consistent upward trend in the more affordable segment of the market.
The population of Wilmot has also seen an encouraging increase of 3.45%, which is likely contributing to the sustained demand for housing. The demographic expansion suggests that Wilmot is attracting new residents, which could be due to employment opportunities, lifestyle factors, or its proximity to larger economic centers.
Investment Opportunities and Potential
With steady population growth and consistent appreciation in property values, Wilmot presents promising investment opportunities. The single-family home segment appears to offer strong potential for long-term capital gains given its higher year-over-year price increase compared with apartments.
Investors might also consider the apartment market due to its lower entry cost and solid growth prospects. Rental properties could be particularly attractive given the population increase, as newcomers may initially seek rental accommodation before purchasing homes.
Furthermore, with ongoing population growth, there may be opportunities in developing new residential projects or renovating existing properties to cater to the increasing housing demand. Investors should also monitor infrastructure developments and employment trends within Wilmot and surrounding areas as these factors will influence future real estate values.
Future Market Outlook
The outlook for Wilmot’s real estate market remains positive based on current trends and demographics. Should the population continue to grow at its current pace or faster, demand for housing is expected to remain robust. However, investors should remain vigilant regarding interest rate changes or shifts in provincial economic policies that could impact borrowing costs and investment returns.
The gradual growth in property prices indicates a potential for continued appreciation without signs of overvaluation that could lead to market corrections. As long as the local economy supports job creation and income stability, the housing market is likely to maintain its momentum.
In conclusion, Wilmot’s real estate market holds promise for both short-term gains through rental income and long-term capital appreciation. As with any investment decision, careful analysis of specific properties and ongoing monitoring of market conditions are crucial for success.
