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As we hit the core of summer, Edmonton's housing market is not without its changes, creating both opportunity and challenge for buyers and sellers alike. This update will give you a thorough overview of what is currently happening with the market. From average house prices to the number of listings, we will cover it.
Key Takeaways
Total home sales in Edmonton increased by 21.2% year-over-year in July 2024.
Single-family detached homes saw an 11.6% annual price increase, averaging $549,319.90.
Condos and townhomes showed monthly price dips but yearly gains.
The sales-to-new-listing ratio of 0.68 indicates a balanced market.
Single-family homes averaged 43 days on the market before selling.
New Listings Overview for Edmonton
This makes for a total of 2,855 homes listed for sale in Edmonton for July 2024, a 3.7% rise compared to the last month. If you are looking to review new listings, take a look at our collections for Northwest Edmonton Homes for Sale and Northeast Edmonton Homes for Sale.
Total Sold Overview for Edmonton
The month of July 2024 recorded 1,913 units for sale homes in Edmonton. This reflected an increase of 4.6% from last month and increased by 21.2% over last year. This surge indicates a robust market, signaling high demand. If you’re interested in specific areas, browse our Southeast Edmonton MLS Listings and Southwest Edmonton MLS Listings.
If you are focusing your search on particular areas, check out the newest homes for sale in in Southeast, Southwest, Northeast, and Northwest Edmonton.
Property Types and Pricing Trends
Single-Family Detached Homes
The backbone of Edmonton's real estate remains strong:
Average Price: $549,319.90 (up 3.6% MoM, 11.6% YoY)
Median Price: $490,000 (up 1% MoM, 8.9% YoY)
Average Days on Market: 43
Half-Duplexes
Average Price: $416,503.60 (down 3.4% MoM, up 7.6% YoY)
Median Price: $406,000 (down 2.3% MoM, up 8.9% YoY)
Average Days on Market: 34
Despite the monthly dip, year-over-year growth remains positive. Half-duplex properties continue to offer an attractive option for those seeking a balance between space and affordability.
Condominiums
The condo market shows mixed signals:
Average Price: $199,198.40 (down 4.4% MoM, up 3.5% YoY)
Median Price: $189,900 (down 1.1% MoM, up 9.1% YoY)
Average Days on Market: 61
While monthly figures show a slight decline, the year-over-year increase in median price suggests overall stability. For those interested in upscale options, luxury condos in Edmonton offer premium living experiences.
Townhomes
Average Price: $265,147.40 (down 4.8% MoM, up 11.9% YoY)
Median Price: $260,000 (down 5.5% MoM, up 9.6% YoY)
Average Days on Market: 28
Despite the monthly dip, the significant year-over-year growth indicates strong demand. Explore the low-maintenance townhomes for sale with no condo fee townhomes.
Sales-to-New-Listing Ratio (SNLR)
The sales-to-new-listing ratio for Edmonton in July 2024 was 0.68. SNLR of over 60% is considered a seller’s market.
Days on Market
Here’s a quick look at how long properties stayed on the market before being sold:
Detached Single-Family Homes: 43 days
Duplexes: 34 days
Condominiums: 61 days
Townhomes: 28 days
Residential Attached Homes: 23 days
For more details, visit our Map Search and check out the 2023 Edmonton Zone Map for zoning details.
Luxury and Specialty Homes
If you’re in the market for something unique, don’t miss our selections of Luxury Single Family Homes and Luxury Condos for Sale.
Conclusion
The Edmonton housing market in July 2024 shows resiliency with growth trending but not all the same across all property types. Some of the trends are monthly fluctuations, but year-over-year increases are very demonstrative of a strong market.
Since real estate is after all local, conditions are likely to vary considerably from one neighbourhood to the next. Always do your homework and consult with the best minds before making any important decision centred around real estate.
Disclaimer: Data sourced from the MLS. The analysis focused on the last five years of sold data. The information provided in this blog is ‘as is’ with no guarantee of accuracy or completeness.