December closed the year with a market that remained resilient on pricing, even as conditions softened slightly from peak urgency. In both Halifax-Dartmouth and Nova Scotia overall, sale-to-list ratios eased and median days on market increased, which is consistent with buyers becoming more selective and patient.
Data sourced from CREA/NSAR. View the full December 2025 Nova Scotia Market Data Report here .
Halifax and Dartmouth Snapshot
Halifax and Dartmouth MLS Residential Market Activity (YoY)
December 2025 vs December 2024
| Metric | Dec 2025 | YoY (Dec 2024) | Trend |
|---|---|---|---|
| Sales | 314 | 6.4% | Up |
| Dollar Volume | $187,292,642 | 10.2% | Up |
| New Listings | 222 | 5.5% | Down |
| Active Listings | 1,012 | 6.3% | Up |
| Sales to New Listings Ratio | 141.4 | (125.5) | Up |
| Months of Inventory | 3.2 | (3.2) | Flat |
| Average Price | $596,473 | 3.5% | Up |
| Median Price | $534,425 | 1.8% | Up |
| Sale to List Price Ratio | 97.4 | (99.3) | Down |
| Median Days on Market | 47.0 | (32.0) | Up |
What this means:
Halifax and Dartmouth finished December with stronger sales on fewer new listings, which kept conditions competitive. However, the softer sale-to-list ratio and the jump in days on market signals a more negotiated environment. Well priced, well presented homes still moved, but fewer buyers appeared willing to rush.
Halifax and Dartmouth MLS® Residential Market Activity — YTD
2025 YTD vs 2024 YTD
| Metric | 2025 YTD | YoY (2024 YTD) |
|---|---|---|
| Sales | 5,312 | 0.2% |
| Dollar Volume | $3,198,244,669 | 3.6% |
| New Listings | 7,343 | 6.2% |
| Active Listings | 1,367 | 15.3% |
| Sales to New Listings Ratio | 72.3 | (77.0) |
| Months of Inventory | 3.1 | (2.7) |
| Average Price | $602,079 | 3.9% |
| Median Price | $560,000 | 3.7% |
YTD takeaway:
2025 ended with sales essentially flat, but with higher prices and more supply compared to last year. Inventory metrics rose, and sale-to-list ratios eased, which suggests the market moved toward healthier balance without losing price support.
Nova Scotia Snapshot
Nova Scotia MLS Residential Market Activity (YoY)
December 2025 vs December 2024
| Metric | Dec 2025 | YoY (Dec 2024) | Trend |
|---|---|---|---|
| Sales | 607 | 2.1% | Down |
| Dollar Volume | $290,922,717 | 6.3% | Up |
| New Listings | 509 | 4.5% | Down |
| Active Listings | 3,258 | 2.0% | Up |
| Sales to New Listings Ratio | 119.3 | (116.3) | Up |
| Months of Inventory | 5.4 | (5.2) | Up |
| Average Price | $479,280 | 8.6% | Up |
| Median Price | $438,000 | 8.7% | Up |
| Sale to List Price Ratio | 95.8 | (97.1) | Down |
| Median Days on Market | 54.0 | (43.0) | Up |
What this means
Province-wide sales dipped slightly, but pricing remained materially higher year over year. At the same time, sale-to-list ratios softened and days on market increased, pointing to a more deliberate buyer pool and more negotiation, even while overall demand continued to absorb available supply.
Nova Scotia MLS Residential Market Activity (YTD)
2025 YTD vs 2024 YTD
| Metric | 2025 YTD | YoY (2024 YTD) |
|---|---|---|
| Sales | 11,070 | 0.1% |
| Dollar Volume | $5,219,129,203 | 5.2% |
| New Listings | 16,795 | 4.7% |
| Active Listings | 4,147 | 9.4% |
| Sales to New Listings Ratio | 65.9 | (69.1) |
| Months of Inventory | 4.5 | (4.1) |
| Average Price | $471,466 | 5.3% |
| Median Price | $433,000 | 4.3% |
| Sale to List Price Ratio | 97.3 | (98.3) |
| Median Days on Market | 37.0 | (33.0) |
YTD takeaway
2025 ended with sales essentially unchanged from 2024, but with higher pricing and more inventory available. The combination of rising inventory and slightly softer sale-to-list ratios supports the idea that conditions are normalizing, not weakening.
Market Commentary & Analysis
Halifax and Dartmouth continues to run tighter than the province overall. Months of inventory held at 3.2 in December for Halifax and Dartmouth versus 5.4 across Nova Scotia, which helps explain why Halifax pricing remains comparatively firm even as buyer urgency cools.
Across both markets, the most important year-end signal is this: pricing stayed strong, while negotiating dynamics improved for buyers. Sale-to-list ratios declined and median days on market increased in both Halifax, Dartmouth and Nova Scotia, which typically indicates buyers are taking time, requesting terms, and being more selective. That is consistent with a healthier, more sustainable market, especially after several years of supply pressure.
Takeaways
For Buyers: More negotiating room is showing up in the data: softer sale-to-list ratios and longer days on market. Good properties still sell, but the pace is less frantic, so preparation and due diligence matter.
For Sellers: Pricing remains supportive, but strategy matters more than it did in peak conditions. Expect more buyers to negotiate and more listings to require strong presentation and accurate pricing to stand out.
For Investors: A more negotiated market can improve entry points, but underwriting discipline is critical as prices remain elevated. Watch inventory and days on market closely into Q1, since shifts there tend to lead changes in leverage and deal flow.
Carlisle’s Note
December was a strong finish to the year. Prices held firm across both Halifax, Dartmouth and Nova Scotia, but the tone of the market continued to mature. Buyers are acting with more intention, and sellers are being rewarded when they price and position correctly. That is the kind of environment where strategy wins, and where smart decisions compound over time.
Looking ahead, Nova Scotia remains well-positioned for steady, long-term growth. Decisions grounded in fundamentals rather than urgency are likely to perform well as we move into the new year.