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As the summer months are upon us in 2024, it continues to shift and gives the Edmonton Housing market opportunities and challenges alike for both buyers and sellers. In this in-depth update, we will help you by covering the most up-to-date trends, average house prices of Edmonton, and the key insights that help you sail through the current landscape.
Housing Market Overview
In June 2024 there were 2753 new listings—a -14.4 percent drop from the previous month—while 1828 homes sold, meaning a -17 percent decrease from the previous month but up 8.9 percent versus last year.
Now, the real estate market in Edmonton in June 2024 is one of mixed forecasts—some of which are quite interesting:
New listings decreased by 14.4 percent compared to the previous month to 2,753 homes in total.
Total homes sold reached 1,828—this makes for a 17% month-over-month slump but an 8.9% rise YoY.
The ratio of sales to new listings stood at 0.68, describing a market skewed toward the sellers.
These figures point to some inventory tightening, which may presage more competition at times among the world of purchasers in individual sectors.
Edmonton Home Prices: Breaking Them Down
The average single-family detached Edmonton home averaged $530,404, down -2.5 percent from the previous month but up a very healthy 8.9 percent from last year. The average price for a half-duplex was $431,078, up 0.3 percent from the previous month and 10.1 percent year-over-year. Townhomes also experienced price increases, as well: with an average price of $278,386, it was up 2.8 percent from the previous month and 15.2 percent year-over-year.
The following is a breakdown of Edmonton's average house prices, categorized by property type:
Single-Family Detached Homes
Average price: $530,403.80
Median price: $485,000
Year-over-year change: +8.9%
Half-Duplex Properties
Average price: $431,077.60
Median price: $415,500
Year-over-year change: +10.1%
Condominiums
Average price: $208,374.20
Median price: $192,000
Year-over-year change: +12.9%
Townhomes
Average price: $278,385.90
Median price: $275,000
Year-over-year change: +15.2%
The Edmonton house prices trend depicts a persistent surge for all kinds of property. According to the Edmonton housing market trends, the list is now led by townhomes because their rates witnessed the highest annual increase of 15.2%.
Neighborhood Spotlight
Edmonton houses different types of neighbourhoods, thus offering wide choices for homebuyers. Here is a small overview of some popular regions:
Northwest Edmonton homes for sale present a mix of well-established communities and new developments.
Northeast Edmonton homes for sale offer relatively cheap options with access to major roadways easily available.
Southeast Edmonton MLS listings feature family-friendly suburbs.
Southwest Edmonton MLS listings contain some of the most sought-after neighborhoods in the city.
For luxury properties, one may consider an article on the Top 5 Richest Neighborhoods in Edmonton, highlighting high-end real estate opportunities in these neighborhoods.
Days on Market (DOM)
Knowing how long properties typically spend on the market can help buyers and sellers adjust expectations accordingly:
Detached Single-family homes: 43 days
Duplex properties: 34 days
Condo/Apartments: 61 days
Townhomes: 28 days
Residential Attached: 23 days
These numbers indicate that townhomes and residential attached properties are going quickly, but the average condo is not selling that fast.
Tips for Buyers and Sellers
For Buyers:
Map Search: Research Properties in Areas You Like: Our interactive map search is a great place to begin looking at properties in areas that interest you.
2023 Edmonton Zone Map: Learn your neighbourhoods' boundaries and character with our Edmonton Zone Map.
Long-term value: Most property appreciates year over year. However, it's worth noting that some communities have stronger historical price growth than others. So, when it's time to sell your property could make a difference in your resale value.
For Sellers:
Price Your Home Competitively: A well-priced home attracts more potential buyers to view the property and increases the opportunity for multiple offers.
Be aware of the costs of selling your house in Alberta to keep within your budget.
Professional staging and professional photography will give the listing a bang if prospects are going to be competitive.
Additional Considerations
If you're considering one of the many planned communities, begin to understand Homeowner Associations and how they, in particular, may affect your experience as a homeowner.
If you're a high-end buyer, have a look at our luxury single-family homes listings; there, you will find some very special properties.
Conclusion
June 2024 shows resiliency in the Edmonton real estate market, showing steady price growth in each property type: single-detached homes, condos, and row/townhomes. While the number of new listings has declined, year-over-year gains in sales do indicate ongoing demand. Buyers may need to be prepared to have some competition, especially during the busy season within popular neighborhoods or for in-demand properties such as townhomes.
For any customized advice and help in your needs, do not hesitate to reach out to a HomeAnalytics agent. Our objective is to assist you in buying a home vis-à-vis your spending budget in the Edmonton housing market.
Further, get the latest trends in the market by visiting our website regularly: Blog for updates and insinuations on go-ahead Edmonton real estate scenes.
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.