Edmonton Housing Market Update - May 2024

Top Trends

  • Seller’s Market: Edmonton is experiencing a seller’s market with a sales-to-new-listings ratio of 0.68.

  • Impact of Interest Rates and Migration: Interest rates and interprovincial migration are the top trends impacting the housing market.

  • High Demand for Single-Detached Homes: Single-detached homes are expected to see the greatest demand in 2024.

  • Bank of Canada announced its first interest rate cut in 2024. 

  • Total homes sold saw an increase of 22% year-over-year. 

Current Market Trends and Statistics

As the summer season approaches, the Edmonton housing market continues to sizzle, offering exciting opportunities for sellers but challenging times for buyers. The latest housing data for May 2024 shows strong demand and steady price appreciation across various property types. 

The Bank of Canada's recent decision to cut interest rates by 0.25% could provide a further boost to Edmonton's already hot real estate market. 

New Listings and Sales Overview

In May 2024, the total number of homes listed for sale in Edmonton was 3,215, representing a 12.7% increase from the previous month. This surge in new listings offers buyers a wider range of options across various neighborhoods, including communities of Northwest, Northeast, Southeast, and Southwest.

Total Sold Overview for Edmonton

The total number of homes sold in Edmonton in May 2024 was 2,202, a 3.7% increase from the previous month and a significant 22% rise year-over-year. This growth indicates a strong demand for homes in Edmonton.

bar graph total homes sold in Edmonton historical trends

Average and Median House Prices in Edmonton

Here is an overview of the average house prices in Edmonton across different property types:

  • The average price of a single-family detached home in Edmonton in May 2024 was $543,742, a 3.6% increase from the previous month and an 8.6% rise year-over-year. The median price was $492,000, a slight decrease of 0.4% from the previous month but an 8% increase year-over-year.

  • For half-duplexes, the average price was $429,837, a 2.7% increase month-over-month and a 10.5% rise year-over-year. The median price was $415,000, a 1.5% increase month-over-month and a 10.4% rise year-over-year.

  • Condominium prices averaged $200,085, a minimal increase of 0.2% from the previous month but a significant 10.9% rise year-over-year. The median price remained stable at $185,000, a 12.8% increase year-over-year.

  • Townhomes saw an average price of $270,704, a slight decrease of 0.5% from the previous month but a substantial 17.1% rise year-over-year. The median price was $274,000, a 0.4% decrease from the previous month but a remarkable 25.1% increase year-over-year.

Line graph showing edmonton house prices historical data

Sales-to-New-Listing Ratio and Days on Market

The sales-to-new-listing ratio for Edmonton in May 2024 was 0.68, indicating a sellers’ market. The cumulative Days On Market (DOM) varied across property types:

  • Detached single-family homes: 43 days

  • Duplex: 34 days

  • Condo/Apartment: 61 days

  • Townhomes: 28 days

  • Residential Attached: 23 days

sales to new listings ratio Edmonton Historical data

Insights for Home Buyers and Sellers

For sellers, the current market presents an opportunity to capitalize on the hot market conditions. With homes selling quickly and multiple offers becoming commonplace, sellers can expect to command premium prices and favorable terms. Proper pricing strategy and effective marketing are crucial to maximize the potential of your listing in this competitive landscape.

Buyers, on the other hand, face heightened challenges in securing their desired properties. The limited inventory, coupled with rising prices, may require adjustments to their search criteria or budgets. Acting swiftly when an appealing listing hits the market and being pre-approved for financing can provide a competitive edge in this seller’s market.

Neighborhood Highlights

Edmonton's diverse neighborhoods offer unique experiences and price points for homebuyers. Northwest Edmonton, Northeast Edmonton, Southeast Edmonton, and Southwest Edmonton each boast their distinct charm and amenities, catering to various lifestyles and preferences.

For those seeking luxury living, Edmonton's high-end neighborhoods offer a range of luxury single-family homes and luxury condos, providing a perfect blend of opulence and convenience.

Stay informed about the Edmonton real estate market with our expert analysis and insights.

Contact us today to discuss your specific needs and goals.

Disclaimer: Data sourced from the MLS. The analysis focused on the last five years of sold data in Edmonton Alberta. The information provided in this blog is ‘as is’ with no guarantee of accuracy or completeness.

Copyright 2024 by the REALTORS® Association of Edmonton. All Rights Reserved.
Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.