With increased demand, homes in Halifax-Dartmouth spent less time on the market in the fourth quarter of 2020 than they had a year earlier. The median number of days on market for homes in Halifax-Dartmouth was 22 in the fourth quarter of 2020, down from 48 days in the fourth quarter of 2019.
The median sale price for single-detached homes in Halifax-Dartmouth rose 17.2% on a year-over-year basis to $375,000 in the fourth quarter of 2020. This was a new record for the median sale price of single-detached properties in the Halifax-Dartmouth area.
“As individuals and families continued to have the flexibility to move outside of the more expensive metropolitan areas, smaller but vibrant cities like Halifax become a viable and desirable alternative for those looking for an urban location with amenities but at a more reasonable price tag,” said Lauren Haw, CEO and Broker of Record at Zoocasa.
Halifax saw record increases in sales volume and average price in Q1 2021. As in many cities across the country, the new year brought a continued high demand from buyers and relatively lower inventory in the first quarter of the year. By the end of March 2021, the national average sale price had increased 31.6% year over year. In Halifax-Dartmouth, the median sale price for single detached homes posted a large increase of 40.3% on a year-over-year basis to reach $460,000 in the first quarter of 2021. This is a new record for the median sale price in this area. In addition, single-detached home sales in Halifax-Dartmouth numbered 1,116 units in the first quarter of 2021, an increase of 27.3% compared to the same quarter in 2020. This set another new benchmark with the highest level of sales for this quarter on record.
The first quarter of 2021 ended with only 1.1 months worth of inventory available in the sought-after province—so we can expect to see Halifax prices continue to rise. In turn, this will continue to put more pressure on buyers, benefit sellers and be an increasing challenge to native Haligonians, who are now competing with the additional influx of newcomers to their province.
Shop for the best mortgage rate on Ratehub.ca* »
Bedford is a historic suburban community of Halifax that sits on the stunning Bedford Basin and offers scenic views of Halifax Harbour. Established in the mid-1700s, this friendly community has two bigger shopping malls, nature trails and historic parks, as well as a popular farmers’ market. Average home prices in Bedford have increased by more than 25% in the past year, and by more than 46% since 2017. Almost half of the households in Bedford have children, making it a great community to raise a family. It offers urban amenities within a short 20-kilometre commute to downtown Halifax and has the lowest crime rates in the HRM. Zoocasa’s Haw notes: “Buyers should consider the additional cost of a vehicle if they are looking to buy in Bedford, as accessibility and transportation scores are low. However, Bedford has a lot to offer young families.” Draws to this area include close-knit communities, good schools and local traditions like The Chickenburger drive-through restaurant, which has served residents since 1940. Expect to spend a bit more for this area, as average home prices in Bedford sat above the regional average at $558,502 in 2020, versus the entire Halifax Dartmouth region at $363,946.
The Preston-Lawrencetown-Chezzetcook area sits approximately 30 kilometres outside of Halifax’s downtown, which makes it a reasonable option to access the amenities and cultural sights in the province’s capital. This area is sparsely populated across wide lands and can offer space to those who seek it. Most notably, it has a variety of small and larger waterfront properties for sale. The beaches and ocean draw tourists and residents alike for the quiet recreational, surfing, fishing and outdoor activities. The average home price in this area has increased over 17% in the past year and almost 33% in the past three years. While this area may seem sleepy to some, it can offer a quaint and laid-back lifestyle for individuals and families looking to breathe and enjoy the fresh open air.