NS Sales Dec 2025
Nova Scotia Real Estate Market Report: December 2025
Year-End Summary | All Residential Properties
Executive Summary
Nova Scotia's residential real estate market concluded 2025 with 10,109 closed sales province-wide, representing a modest 0.6% increase over 2024. December saw 519 transactions close—down 5.3% from the prior year—while the median sale price reached $460,000, reflecting a 9.9% monthly increase. The single-family segment demonstrated particular strength with median prices climbing to $470,000, while the condominium market experienced softening conditions with prices declining 4.3% to $404,900.
The year-over-year data reveals a market in transition: prices continue to appreciate while sales velocity moderates. Sellers received 96.1% of list price in December, down from 97.4% a year earlier, indicating buyers have gained modest negotiating leverage as inventory levels expanded 8.0% to 2,728 active listings.
Nova Scotia's housing market exhibits classic late-cycle dynamics: appreciating prices paired with lengthening days on market and expanding inventory. Sellers achieved 96.1% of list price in December—the lowest December figure in three years—signaling a gradual shift toward buyer-favorable conditions heading into 2026.
December 2025 Performance Overview
| Metric | Dec 2024 | Dec 2025 | Change |
|---|---|---|---|
| New Listings | 469 | 444 | −5.3% |
| Pending Sales | 443 | 456 | +2.9% |
| Closed Sales | 548 | 519 | −5.3% |
| Days on Market | 52 | 57 | +9.6% |
| Median Sale Price | $418,750 | $460,000 | +9.9% |
| Average Sale Price | $453,281 | $496,225 | +9.5% |
| % of List Price Received | 97.4% | 96.1% | −1.3% |
| Housing Affordability Index | 81 | 78 | −3.7% |
| Inventory of Homes | 2,526 | 2,728 | +8.0% |
| Months Supply | 3.0 | 3.2 | +6.7% |
Single-Family Market Analysis
The single-family segment remains the dominant force in Nova Scotia's residential market, accounting for approximately 93% of December's closed transactions. Year-to-date, 9,388 single-family homes sold across the province—a 1.1% increase over 2024—with the median price rising 4.7% to $450,000 for the full year.
December's performance was particularly notable for price appreciation: the median sale price reached $470,000, representing a 12.2% increase over December 2024. However, sellers received just 95.9% of list price, down 1.4 percentage points year-over-year, reflecting the expanded inventory and longer marketing times now characteristic of the market.
Condominium Market Analysis
Nova Scotia's condominium market faced headwinds throughout 2025, with year-to-date sales declining 6.4% to 721 units. December saw just 35 transactions close—a 2.8% decline from the prior year—while the median price retreated 4.3% to $404,900. The segment's challenges are amplified by a 55.8% surge in days on market, rising from 43 days last December to 67 days this year.
Inventory expansion has been particularly pronounced in the condo sector, with active listings climbing 32.1% year-over-year to 210 units. Months supply increased 40.0% to 3.5 months, approaching the threshold typically associated with a balanced market. Despite these pressures, sellers continue to achieve 97.9% of list price—actually outperforming the single-family segment.
Single-Family vs. Condominium: December Comparison
| Metric | Single Family | Condo | Variance |
|---|---|---|---|
| Closed Sales | 484 | 35 | SF 13.8× volume |
| Median Sale Price | $470,000 | $404,900 | +$65,100 SF premium |
| Average Sale Price | $500,156 | $441,860 | +$58,296 SF premium |
| Days on Market | 56 | 67 | Condo +11 days |
| % of List Price Received | 95.9% | 97.9% | Condo +2.0 pts |
| YoY Price Change | +12.2% | −4.3% | 16.5 pt spread |
| Inventory Change | +6.4% | +32.1% | Condo +25.7 pts |
| Months Supply | 3.2 | 3.5 | Similar supply |
Housing Affordability Analysis
The Housing Affordability Index measures the relationship between median household income and the income required to qualify for a median-priced home at prevailing interest rates. An index of 100 indicates that a family with median income has exactly enough to qualify; higher values indicate greater affordability.
December's affordability divergence reflects the contrasting price dynamics between segments. Single-family affordability declined as median prices surged 12.2% to $470,000, pushing the HAI down to 76—meaning the typical household earns only 76% of the income needed to qualify for a median-priced home. Conversely, condo affordability improved as prices retreated, lifting the HAI to 93.
2025 Year in Review
Nova Scotia's residential market demonstrated resilience throughout 2025, with total sales volume edging up 0.6% despite headwinds from elevated interest rates and affordability constraints. The year's key themes included persistent price appreciation in the single-family segment, a notable softening in condo demand, and a gradual normalization of inventory levels after years of extreme scarcity.
| Annual Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Total Closed Sales | 10,052 | 10,109 | +0.6% |
| Total New Listings | 14,152 | 15,088 | +6.6% |
| Median Sale Price | $430,000 | $449,900 | +4.6% |
| Average Sale Price | $462,170 | $486,602 | +5.3% |
| Average Days on Market | 45 | 48 | +6.7% |
| % of List Price Received | 98.4% | 97.5% | −0.9% |
Strategic Outlook
For Sellers
The data suggests pricing discipline will be essential in early 2026. With sellers now receiving 96.1% of list price—down from 97.4% a year ago—overpricing carries greater risk of extended market time. Single-family properties remain well-positioned, particularly in the mid-market range, while condo sellers should anticipate longer marketing periods and more active negotiation. The 8.0% year-over-year inventory increase signals that buyer choice is expanding, making competitive positioning and property condition increasingly important differentiators.
For Buyers
Market conditions have shifted modestly in buyers' favor, with more inventory, longer days on market, and improved negotiating position compared to the acute seller's market of 2021-2022. The condo segment offers particular opportunity for price-sensitive buyers, with affordability improving 9.4% year-over-year and prices softening 4.3% in December. However, the single-family market remains competitive, with prices continuing to appreciate. Buyers should be prepared to act decisively on well-priced properties while leveraging the improved negotiating environment on overpriced listings.
Nova Scotia's housing market has entered a more balanced phase following several years of exceptional seller advantage. The 3.2-month supply of inventory remains technically below the six-month threshold for a balanced market, but the trajectory is clear: buyers are regaining leverage, and the days of multiple offers on every listing have largely passed. For those entering the market—whether buying or selling—strategic pricing, thorough preparation, and realistic expectations will be the keys to success in 2026.
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