2025 Market Outlook
Why This Spring is Pivotal For Buyers & Sellers
Date Published: March 10, 2025
Nova Scotia’s real estate market is officially in full swing! With record-breaking numbers and shifting trends, all signs point to a busy season ahead. Here’s a quick snapshot of the key takeaways:
- Median Sale Price – Nova Scotia hit a new all-time high with a median sale price of $455,500 in February. The market has more than doubled in sale price since 2020.
- Median Days on Market – Homes are selling faster, moving at a pace typical of a strong spring market.
- Total Sales – Sales activity is picking up, aligning with seasonal trends.
- Months of Supply – While inventory is increasing, we’re still in a seller’s market.
What’s Next for the Market?
Historically, prices tend to rise as the market heats up. If you’re thinking about buying, acting sooner could help you secure a lower price before the seasonal surge. For sellers, now is the time to prepare—peak season is when home values are often at their highest.
MEDIAN SALE PRICE
In the graph, the median sale prices in red represent WINTER (November), while the median sale prices in blue represent SUMMER (June). A clear trend emerges each year: home prices in Nova Scotia tend to decline in winter and rise in summer.
Recent data from February indicates that prices have already started to increase, setting a record for median home prices in Nova Scotia at $455,500 (February 2025) noted with a star.
It’s also worth noting the seasonal dips marked as “1” and “2” on the chart. The most recent decline, labeled “2,” was less (2.9%) than the previous year’s drop (16.5%), labeled “1.” This suggests that the market is stabilizing at a higher price point, with less fluctuation between seasons.
The graph illustrates the significant increase in home values since 2020, marking the onset of the COVID-19 pandemic. In 2020, the median sale price in Nova Scotia was approximately $225,000. As of February 2025, the median sale price has risen to $455,500—more than doubling in just five years.
MEDIAN DAYS ON MARKET
The graph above illustrates the median days on market in Nova Scotia by month. In January of this year, properties spent an average of 39 days on the market. By February, this number had dropped to 19 days, signaling the start of the busy season, as seen in previous years. Based on trends, we anticipate the median days on market to decrease further to approximately 10 days in March, reflecting increased buyer activity as the market picks up.
TOTAL SALES
The graph above shows that February marked the beginning of an increase in monthly sales across Nova Scotia with 622 Sales up from 524 in January. Looking at historical trends, this suggests that the market is starting to gain momentum as we head into the busy spring season.
MONTH SUPPLY
The Months Supply of Homes for Sale (or Months of Inventory) is a key metric in real estate that measures supply and demand dynamics.
- A seller’s market occurs when inventory is below 4 months, meaning demand exceeds supply, leading to rising prices and faster sales.
- A balanced market typically falls between 4-6 months of inventory, where supply and demand are relatively equal, keeping prices stable.
- A buyer’s market emerges when inventory exceeds 6 months, signaling an oversupply of homes. In this scenario, buyers gain negotiating power, homes take longer to sell, and prices often decrease.
Understanding this metric is essential for buyers, sellers, and investors to make informed decisions in the current market.
Looking at the graph above, we see that the market has remained in a seller’s market for most of the past five years. However, it’s noteworthy that during the fall season (June – September 2024), the market briefly shifted to a balanced state for four months. Additionally, inventory levels appear to be gradually increasing, raising the question: Could we see a more balanced market this year with new inventory coming online?
FINAL THOUGHTS
With Nova Scotia’s real estate market officially in full swing, it’s clear that we’re entering the spring market. Record-breaking prices, rising sales activity, and decreasing days on market all point to a competitive landscape ahead.
For buyers, acting sooner rather than later could mean locking in a better price before the seasonal surge pushes values even higher. For sellers, the current market conditions present an excellent opportunity to capitalize on strong demand and maximize property value.
As we continue to track trends, one thing remains certain—staying informed is key. Whether you’re buying, selling, or investing, we’re here to help you navigate the market with confidence.
If you have any questions or are ready to make a move, don’t hesitate to reach out. The busy season is here, and now is the time to take action!