.png)
The Edmonton housing market continues to show resilience and growth as we move through the summer of 2024. Despite some seasonal fluctuations, the overall trend remains positive for both buyers and sellers. Let's dive into the latest data and explore what's happening in the Edmonton real estate scene.
Market Overview New Listings Overview
The Edmonton housing market has experienced some interesting shifts in August 2024. While new listings have decreased by 7.7% compared to the previous month, with a total of 2,634 homes listed for sale, the market remains active.
This reduction in listings reflects a seasonal slowdown as we approach the fall months of Edmonton real estate. This slight dip in inventory could potentially lead to increased competition among buyers.
If you're interested in exploring specific property types, you can view the latest listings of single-family homes for sale and half-duplexes in Edmonton.
Sales Activity
The total number of homes sold in Edmonton during August 2024 was 1,809, which is a 5.4% decrease month-over-month but a notable 13.5% increase year-over-year. This indicates a resilient market despite the seasonal fluctuations.
Total homes sold in August 2024: 1,809
Month-over-month change: -5.4%
Year-over-year change: +13.5%
This data suggests that while there's been a slight cooling compared to July, the market is still significantly more active than it was a year ago.
Average Home Prices in Edmonton
The average price for a single-family home in Edmonton for the month of August was $524,809. The average price for a half-duplex was $420,456, while $275,681 and $200,241 for townhomes and condominiums, respectively.
Single-Family Detached Homes
Single-family homes continue to be a popular choice for Edmonton buyers:
Average price: $524,809.20
Month-over-month change: -4.5%
Year-over-year change: +5.9%
Median price: $480,000 (up 7.1% year-over-year)
While there's been a slight dip in average prices month-over-month, the overall trend shows steady appreciation.
Half-Duplex Properties
Half-duplex homes are seeing strong growth:
Average price: $420,456.40
Month-over-month change: +0.9%
Year-over-year change: +11.7%
Median price: $415,500 (up 10.8% year-over-year)
These properties are showing impressive year-over-year gains, indicating increasing popularity among buyers.
Condominiums
The condo market is showing steady growth:
Average price: $200,240.90
Month-over-month change: +0.5%
Year-over-year change: +5.1%
Median price: $190,000 (up 8.6% year-over-year)
While not as dramatic as other property types, condos are still seeing positive price movements.
Townhomes
No-condo-fee townhomes and other townhouse properties are experiencing significant appreciation:
Average price: $275,680.80
Month-over-month change: +4%
Year-over-year change: +20.6%
Median price: $278,000 (up 26.4% year-over-year)
Townhomes are showing the strongest price growth among all property types, likely due to their appeal as a middle ground between condos and single-family homes.
Curious about the best time to buy or sell? Discover when people buy houses in Edmonton and how seasonal trends can impact your decision.
Market Dynamics
The sales-to-new-listing ratio for Edmonton in August 2024 was 0.69, indicating a market that is leaning towards the sellers.
Days on Market
Understanding how long properties stay on the market can provide insights into demand. Here's a breakdown by property type:
Townhouses: 34 days
Residential Attached: 37 days
Duplex: 40 days
Detached Single Family: 45 days
Condo/Apartment: 58 days
Townhomes are moving the fastest, while condos are taking the longest to sell. This aligns with the price appreciation data we've seen.
Seasonal Trends and Timing
If you're considering buying or selling a home in Edmonton, timing can be crucial. What's the best month to sell a house in Edmonton? Historically, spring and early summer have been the busiest seasons for real estate. However, with the strong performance we're seeing in August, it's clear that opportunities exist year-round.
Most Active Neighbhorhoods
In August 2024, some of the most active neighborhoods in Edmonton for detached single-family home sales were led by the Chappelle Area, which had 22 listings, highlighting its appeal to buyers looking for modern suburban living with plenty of amenities. Windermere was a close second with 15 listings, recognized for its luxury homes and prestigious atmosphere.
Keswick Area area reported 12 sold listings, offering a blend of affordable and upscale options. Additionally, Rutherford, Delwood, McConachie Area, Secord, and Terwillegar Towne each had 10 listings, reflecting a strong market across various communities that cater to different buyer preferences, from family-friendly settings to well-established neighborhoods.
Luxury Market Insights
For those interested in the high-end market, luxury single-family homes in Edmonton continue to attract buyers. The top 5 richest neighborhoods in Edmonton are seeing steady activity, with some properties commanding premium prices.
Costs of Selling Your Home
If you're considering selling your home in Edmonton, it's important to understand the associated costs. How much does it cost to sell your house in Alberta? While specific costs can vary, typical expenses include:
Real estate agent commissions
Legal fees
Potential home repairs or staging costs
Moving expenses
To get a clear picture of what you might net from your sale, use our Calculate Your Net Proceeds tool.
Conclusion
The Edmonton real estate market in August 2024 reflects a blend of stability and growth. Certain property types, especially townhomes, are witnessing notable appreciation, while others, such as single-family homes, are seeing more modest increases. The balanced market conditions create opportunities for both buyers and sellers, but it's essential to navigate any real estate transaction with a solid grasp of current trends and the unique dynamics of your neighborhood.