2024 Edmonton Real Estate Market Statistics Annual

Edmonton real estate market for 2024, it’s evident that the city is experiencing notable shifts across various metrics. From increased listings and average sale prices to a decrease in days on the market, these changes highlight the dynamic nature of Edmonton’s housing sector. Let’s explore these statistics in-depth and analyze what they mean for buyers, sellers, and investors.

Below Graphs Are Interactive.

Edmonton New MLS® Listings

Total Listings: Growth Amidst a Competitive Market

In 2024, Edmonton saw a significant increase in the number of new listings, with a 6.88% rise from 26,518 in 2023 to 28,342 in 2024. This rise indicates that more homeowners and builders are entering the market, likely in response to the city’s growing demand for housing. Interestingly, the total listings in 2024 are lower than those in 2022, suggesting that while there are more homes available than the previous year, supply levels remain somewhat constrained compared to historical peaks.

Despite this growth in listings, the total inventory cost also saw an uptick of nearly 12%, from $11.7 billion in 2023 to $13.1 billion in 2024. This suggests that while more properties are coming onto the market, they are increasingly higher in value.

Average List Price Edmonton Real Estate Market

Average List Prices: Steady Appreciation

The average list price of homes in Edmonton has increased by 4.91%, moving from $442,000 in 2023 to $464,000 in 2024. This consistent upward trend reflects the market’s resilience and an ongoing demand for homes. When compared to 2022, the increase in list prices is more pronounced at 8.84%, and compared to 2021, it is even greater at 15.97%. This growth signals a healthy real estate environment, though buyers should be prepared for slightly higher entry costs.

The average list price has been on a steady rise, fuelled by the city’s continued development and its desirability as a hub for both families and investors. Additionally, the housing inventory mix has likely shifted toward more expensive properties, which could be influencing the overall increase in list prices.

Home Sales In The Edmonton Real Estate Market

Total Sales: A Significant Surge

In 2024, Edmonton experienced an impressive 26.73% increase in total sales, with 20,424 homes sold compared to 16,116 in 2023. This surge in sales indicates that buyers are active and eager to capitalize on market opportunities despite rising list prices. In comparison to earlier years, the increase in sales is also notable, with a 18.14% jump from 2022 and a 19.33% rise from 2021.

This increase in sales volume can be attributed to several factors, including a favourable economic environment, attractive mortgage rates, and a growing population in Edmonton. Additionally, with more homes available for sale, buyers have more options, which helps drive up the total number of transactions.

Total Sales Volume: A Surge in Financial Activity

The total sales volume for 2024 reached $8.37 billion, marking a remarkable 37.99% increase from the previous year’s total of $6.06 billion. This surge in sales volume reflects both the increase in the number of transactions and the rise in sale prices, indicating that the market is not only moving more homes but also doing so at higher values.

This growth in sales volume is also a positive sign for Edmonton’s economy, as it demonstrates that the real estate sector remains a key driver of economic activity. With a 22.82% increase compared to 2022, the market is consistently strengthening, supported by ongoing demand for homes and a generally favourable economic environment.

Edmonton Average Home Sale Price

Sales Prices: A Substantial Increase

The average sales price of homes has also seen substantial growth. In 2024, the average sales price stood at $410,000, reflecting an 8.88% increase from $376,000 in 2023. This increase in sale prices corresponds to the rise in average list prices, though the sales price is typically slightly lower due to negotiations and market factors.

When compared to 2022, the increase in sales prices is a more modest 3.96%, and compared to 2021, the price increase is 5.88%. The rise in sale prices is indicative of strong buyer demand and the overall tightening of the market, where homes are increasingly selling at or near asking prices.

Average List-to-Sell Ratio: A Sign of Market Strength

The average list-to-sell ratio (LSR) has increased from 0.971 in 2023 to 0.987 in 2024, a 1.63% rise. This indicates that homes are selling closer to their list prices, suggesting a competitive and active market where sellers are receiving near full asking prices. This trend aligns with the increase in average sales prices and suggests that buyers are willing to meet the demands of sellers, particularly for well-priced properties.

The increase in the LSR from previous years also highlights the market’s strength. While there has been some fluctuation in the ratio over the past few years, it remains relatively high, suggesting that both buyers and sellers are confident in the market’s stability.

2024 Edmonton Real Estate Market -Average Days

Average Days on Market: A Decrease in Time to Sale

One of the most striking trends in Edmonton’s 2024 real estate market is the decrease in the average days on market (DOM), which fell by 24.32%, from 74 days in 2023 to just 56 days in 2024. This represents a significant shortening of time between listing and sale, indicating that homes are selling faster. With the city experiencing a more competitive market and increasing demand, properties are likely being snapped up quickly, especially those priced attractively and in desirable neighbourhoods.

The decline in DOM is also a strong indicator of a thriving market, where both buyers and sellers are motivated. Homes are moving quickly due to low supply, high demand, and strong buyer confidence in the Edmonton market.

What This Means for Buyers, Sellers, and InvestorsFor Buyers:
The 2024 market presents both challenges and opportunities for buyers. With rising prices and a competitive market, it’s important for buyers to be prepared and act quickly when they find the right property. However, with more listings available than in previous years, buyers have more choices, which can make it easier to find a home that fits their needs.

For Sellers:
Sellers are in a strong position, with homes selling faster and at higher prices. The decrease in average days on the market and the increased LSR suggest that if you price your property right, it will likely sell quickly. Sellers can expect favourable conditions as demand continues to outstrip supply.

For Investors:
The Edmonton market presents solid investment opportunities, particularly as the total sales volume and average prices increase. The rise in both sales and inventory costs indicates that the city’s real estate market is maturing, which could offer good returns for those looking to buy, hold, or sell investment properties.

Conclusion

The 2024 Edmonton real estate market is robust, with positive trends across key metrics such as listings, prices, sales volume, and time on the market. While challenges remain for buyers in terms of rising prices and competition, the overall market dynamics indicate a healthy and growing sector. Both sellers and investors have strong reasons to be optimistic, as the market continues to experience growth and a shift toward higher values.

By understanding these trends, all parties involved can make informed decisions that align with the current state of the Edmonton real estate 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.

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