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Edmonton Real Estate Market – July 2024
# Edmonton Real Estate Market
The Edmonton real estate market has experienced significant changes and growth in 2024, making it a dynamic and intriguing area for both buyers and sellers. This comprehensive analysis delves into the key statistics and trends shaping the market, offering valuable insights for anyone interested in understanding the current landscape.
Below Graphs Are Interactive.
Edmonton New MLS® Listings
New listings have also seen a surge, with 2.88K new listings in July 2024. The YTD number of new listings stands at 18.1K. This increase in inventory provides buyers with more options and contributes to a dynamic market environment.
Average List Price Edmonton Real Estate Market
Home Sales In The Edmonton Real Estate Market
The Edmonton real estate market has seen a remarkable increase in sold properties in 2024. As of July 2024, there were 2.06K sold properties, a 26.88% increase from July 2023. Year-to-date (YTD) figures are even more impressive, with 12.7K sold properties, up 32.84% from 9.58K in the same period in 2023. This substantial growth indicates a highly active market with strong buyer interest.
Edmonton Average Home Sale Price
The average sale price in Edmonton has been on the rise. In July 2024, the average sale price reached $417K, representing an 8.39% increase from July 2023. The YTD average sale price for 2024 is $406K, a 7.35% increase from the previous year. This upward trend reflects growing property values and a strong demand for real estate in the area.
Analyzing the monthly sales prices provides a deeper understanding of the market’s progression. In July 2024, the average sales price was $417K, continuing the trend of rising prices observed throughout the year. This consistent increase highlights the market’s resilience and the sustained interest from buyers.
The average ask to sell ratio has remained relatively stable, reflecting a balanced market where sellers are achieving close to their asking prices. In 2024, the average ask to sell ratio was 0.989, slightly up from 0.971 in 2023. This minor increase indicates that buyers are willing to meet sellers’ expectations, further reinforcing the strength of the market.
Edmonton Real Estate Market -Average Days
The average number of days a property stays on the market before being sold has decreased, indicating a faster-moving market. In July 2024, properties were on the market for an average of 44 days, down from 77 days in 2023. This 27.27% decrease suggests that properties are selling more quickly, a sign of robust demand.
Economic Growth
Edmonton’s economy has shown signs of growth, contributing to the strength of the real estate market. Key industries such as energy, technology, and healthcare have seen positive developments, attracting more people to the area and boosting demand for housing.
Population Growth
Population growth in Edmonton has also played a role in the real estate market’s performance. As more people move to the city for its employment opportunities, lifestyle, and amenities, the demand for housing continues to rise, driving up prices and increasing market activity.
Investment Opportunities
Rental Market
With the rising property values and strong demand, the rental market in Edmonton presents attractive opportunities for investors. High rental yields and a steady influx of tenants make it a lucrative option for those looking to invest in real estate.
Long-Term Appreciation
The upward trend in property values suggests potential for long-term appreciation. Investors looking for long-term gains can benefit from the continuous growth in property prices, making Edmonton a promising market for real estate investment.
The Edmonton real estate market in 2024 is characterized by increased activity, rising property values, and shorter selling times. These trends reflect a strong and dynamic market driven by economic growth, population increases, and robust demand. Whether you’re a buyer, seller, or investor, understanding these key statistics and trends can help you make informed decisions in this vibrant market.
Data provided by the REALTORS® Association of Edmonton and subject to change. Always consult with a real estate professional for the most current market information.
Looking to buy or sell in Edmonton? CONTACT CHRIS REID
