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Edmonton Real Estate Market Update - December 2024
Wow, what a way to wrap up 2024! Edmonton's housing market is sending mixed signals - new listings plummeted by 35.6% in December, yet home prices across the board are looking stronger than ever.
From luxurious single-family homes to townhomes with no condo fees, buyers are facing a market where demand far outweighs supply, driving the sales-to-listing ratio to a perfect 1.0.
The standout stat? The average detached single-family home price hit $530,481, a whopping 10.1% increase from last year. For homeowners and prospective buyers, these numbers tell a story of a market struggling with limited inventory, yet somehow maintaining robust price growth across all housing segments.
Key Market Takeaways:
Housing supply took a drastic hit, with new listings down 35.6% in December, while sales slipped 22.8% month-over-month (but still 23% higher than December 2023!). This indicates super-strong buyer demand, even during the typically slower winter months.
Single-family homes showed incredible price resilience, with the average price reaching $530,481 (up 10.1% year-over-year) and the median price at $489,000 (up 11.1% year-over-year). Detached homes are clearly in high demand!
Condominiums saw the most dramatic price jump, with an 18.1% year-over-year increase, bringing the average price to $203,206. Townhomes also maintained steady growth, with an 11.8% annual price increase.
Selling timelines varied wildly depending on the property type - single-family homes averaged 67 days on market, while duplexes and attached homes sold much faster at 47 days.
With a sales-to-new-listing ratio of 1.0, the market looks tilting heavily in favor of sellers. When you combine this with dwindling inventory, it might spell price pressures ahead if supply stays constrained.
Read about the seasonal trends in the Edmonton Real Estate Market.
Market Activity and Sales Trends
December 2024 marked a significant shift in Edmonton's real estate landscape, with a total of 1,038 homes sold. Although this represents a 22.8% drop from November, the year-over-year comparison paints a different picture - a robust 23% increase from December 2023.
This seasonal slowdown is nothing new (check out "The Best Month to Sell a House in Edmonton" for more on this). The real eye-opener, though, was the sharp 35.6% decline in new listings, totalling just 1,040 properties. This inventory contraction has created a unique market dynamic where, despite the winter slowdown, competition for available properties remains fierce.
Check out how much your house is worth!
Price Trends Across Housing Types
Market Snapshot: Single-Family Homes Lead the Charge
Edmonton's single-family homes sector is on fire, reaching an average price of $530,481 in December 2024! This represents a substantial 10.1% increase from last year, highlighting the sustained demand for detached residential properties.
Median price: $489,000 (11.1% year-over-year increase)
Average days on market: 67 days
Month-over-month price change: 1.2%
Total sales volume increased 23% compared to December 2023
Duplex Market Analysis
The half-duplex market offers some amazing opportunities for investors and homeowners alike:
Average price: $415,710, with steady appreciation
Year-over-year price growth: 11.7%
Median price: $415,000 (13.7% annual increase)
Days on market: 47, indicating super-strong buyer demand
Month-over-month median price growth: 2.5%
Townhouse Market Dynamics
No-condo-fee townhomes are still a hot commodity:
Average price: $267,201
Median price: $269,000
Year-over-year appreciation: 11.8%
Days on market: 50
Monthly price trends show stability with minor fluctuations
Condominium Market Deep Dive
The condominium sector is booming:
Average price: $203,206 (18.1% year-over-year increase)
Median price: $190,000 (11.8% year-over-year increase)
Days on market: 85
Month-over-month price increase: 10.9%
Buyer demographics are expanding - more people are getting in on the condo market!
Property Type Performance Comparison
Year-over-year appreciation rates:
Single-family homes: 10.1%
Half-duplex properties: 11.7%
Condominiums: 18.1%
Townhouses: 11.8%
The Bigger Picture
Limited inventory is affecting all housing categories, with single-family homes being a prime example. The average price for detached homes hit $530,481, representing a modest 1.2% monthly increase but a substantial 10.1% jump year-over-year.
This growth isn't limited to traditional single-family homes - half-duplexes showed remarkable resilience with an average price of $415,710, marking an 11.7% increase from last year. These price movements reflect a broader trend of appreciation across Edmonton's housing market, with buyers competing for limited inventory across all property types.
Even in more affordable segments, like half-duplexes, the median price rose to $269,000, representing a 17% year-over-year increase - a clear sign of strong demand across various price points.
Neighborhood Performance and Luxury Market Trends
Edmonton's premium areas are still shining, as highlighted in our "Top 5 Richest Neighborhoods in Edmonton Based on Data" analysis. These established neighborhoods continue to command top dollar, contributing to the overall market appreciation.
The luxury segment, showcased in our Luxury Single Family Homes listings, demonstrated remarkable resilience with sustained buyer interest despite higher interest rates.
Cost Considerations and Market Timing
For homeowners thinking of selling in this market, it's crucial to understand the full financial picture. As outlined in "How Much Does it Cost to Sell Your House in Alberta in 2023" various fees and expenses can impact your net proceeds.
Days on market (DOM) varied across property types in Edmonton during December.
Detached single-family homes: 67 days
Duplexes: 47 days
Condominiums/apartments: 85 days
Townhomes: 50 days
Residential attached properties: 47 days
This data shows how long different types of properties typically remained on the market before selling. Condos spent the longest time, while duplexes and attached properties sold most quickly. This information is helpful for both buyers and sellers in understanding current market trends.
Looking Ahead: Housing Market Outlook
As the curtain closes on 2024, Edmonton's real estate market is sending clear signals of strength despite seasonal fluctuations. Rising prices across all housing categories and constrained inventory levels point to continued market stability heading into 2025.
The perfect 1.0 sales-to-listing ratio indicates a strong sellers market, boosted by that dramatic 35.6% drop in new listings putting upward pressure on prices.
For buyers, this means being prepared to act fast when opportunities arise, armed with detailed market data. Sellers entering the market can expect strong buyer interest, especially for well-priced properties.
Whether you're looking to buy or sell, the key to success in this market lies in understanding both broader market trends and specific neighborhood dynamics.
Contact us today for a personalized market analysis and expert guidance tailored to your real estate goals.