HRM Real Estate Market Update: November 2025 - Signs of Slowing?

HRM Real Estate Market Update: November 2025

November confirmed what much of the market has been feeling. Real estate activity in the Halifax Regional Municipality eased modestly compared to earlier in the year, consistent with normal seasonal patterns. However, Inventory levels continued to trend higher, days on market lengthened, and buyer urgency softened, reflecting affordability pressures, higher construction costs, and increased supply rather than a change in underlying demand.

The following statistics are based on CREA MLS® data reported by the Nova Scotia Association of REALTORS® (NSAR).

HRM Market Stats for November:

• Total residential sales: 370 homes

• Change in sales vs November 2024: –12.7%• Average sale price: $594,365

• Change in average price vs November 2024: +3.7%

Sales were lower than the same month last year, while average prices continued to trend modestly higher. This points to a market that is moving at a more measured pace rather than experiencing price weakness.

Year-to-Date Context (January–November)

• Total residential sales YTD: 4,998 homes

• Change in sales YTD vs last year: –0.6%

• Average sale price YTD: $602,378

• Change in average price YTD vs last year: +3.9%

Year-to-date data shows slightly lower overall sales volume compared to last year, while prices have remained stable and modestly higher across the HRM market.

What This Means for Buyers

• Higher inventory levels provide more choice and better context when comparing value

• Days on market are longer, giving buyers more time to evaluate options

• Prices remain relatively stable, so offers should reflect current market value

What This Means for Sellers

• Days on market are longer than earlier in the year, even for well-priced homes

• Sellers who price at market value are generally seeing sale prices land close to asking, but over longer timelines

• Listing well below market value to try to create a bidding war is far less reliable in current conditions

What This Could Mean for Spring 2026

As we continue to deal with the rise of affordability pressures, spring 2026 is likely to bring a seasonal increase in activity within a more balanced market. Current trends suggest a modest increase compared to last year as demand remains strong for affordable detached homes in HRM, develop continues, and more people move to the province. As of now, there's no signs showing any significant shift in the market heading into early 2026.