Nova Scotia Real Estate Market Report for August 2024 |Dawn Magee Your Move Nova Scotia REALTOR®

**Nova Scotia Real Estate Update: August 2024 Market Trends & Insights**

Welcome to our latest Nova Scotia real estate update! In this video, we dive deep into the Nova Scotia real estate market for August 2024. Here’s what you need to know about new listings, home prices, and current market trends across the province:

🔑 **New Listings in Nova Scotia**
- **1300 new residential listings**: Detached, semi-detached, and condos.
- Significant decrease from May's 1772 new listings, but similar to Augusts in 2022 and 2023.
- **Halifax-Dartmouth** leads with 552 new listings, comprising about 40% of the market.
- **Annapolis Valley** and **Yarmouth** saw slight increases in listings.

🏡 **Current Inventory & Market Dynamics**
- **3409 homes** currently for sale in Nova Scotia—reflective of pre-pandemic levels.
- **Median days on market** decreased to 10 days in Halifax-Dartmouth.
- Months supply of homes varies, with Halifax-Dartmouth at 2.6 months and Cape Breton at 3 months.

💰 **Home Prices & Cost Per Sq Ft**
- Cost per square foot increased from July but is down compared to earlier in the season.
- **Median sale prices**:
- **Halifax-Dartmouth**: $550,000
- **South Shore**: $375,000
- **Annapolis Valley**: $345,000

🏠 **New Construction Trends**
- **New builds** in Halifax-Dartmouth surged, especially in Timberlea-St. Margaret’s Bay.
- Median sale price of new construction: **$620,180**.

📉 **Market Comparison**
- August 2024 home prices and new listings show improvements over 2023 but are not as high as 2022 peaks.
- **Regional insights**:
- **Yarmouth**: Median price at $275,000, up 52.8% from last year.
- **Cape Breton**: Prices down $15,000 from July but up 8.1% from last year.

🔍 **Expert Analysis**
- Despite high interest rates and market fluctuations, understanding local trends and timing your purchase is key. Historically, home prices peak in spring and decrease towards the end of the year.

Stay informed and make the best decisions with the latest Nova Scotia real estate insights. Don’t forget to like, subscribe, and hit the bell for more updates from The Real Deal with Dawn!

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