2024 St. Albert Real Estate Market Statistics Overview

2024 St. Albert Real Estate Market Overview 

The 2024 St. Albert real estate market for 2024 reflects a year of significant growth and resilience. With key metrics showing positive changes in listings, sales volume, average sale prices, and the total cost of inventory, 2024 is shaping up to be a prosperous year for both buyers and sellers. In this blog, we’ll explore the market’s trends, including the performance of residential properties, the effects of supply and demand, and future outlooks. These insights will be beneficial for both potential homeowners and investors in the area.

Key Market Statistics for 2024

To understand the trends and changes in St. Albert’s real estate market, let’s begin by reviewing some of the most significant statistics for 2024.

Bar Graphs Below Are Interactive

St. Albert New Listing Count

Total Listings

• In 2024, St. Albert saw a slight increase in the total number of new listings, reaching 1,881 compared to 1,865 in 2023. This represents a modest increase of 0.86%. However, the market still shows a decrease of 2.69% compared to the 1,933 listings in 2022 and a 5.71% decrease from 2021. This steady drop in listings from previous years indicates a more competitive market with limited availability for buyers .

Average List Price

• The average listing price in St. Albert rose by 6.00% in 2024, reaching $542,000 compared to $511,000 in 2023. This increase follows a similar upward trend in recent years, as prices grew by 11.54% from 2022 ($486,000) and 20.27% from 2021 ($450,000). These price hikes point to a market that is becoming increasingly desirable, with greater demand driving up home values .

St. Albert Total Sales Volume

• The total sales volume for St. Albert has seen a significant increase, growing by 35.22% from $549 million in 2023 to $743 million in 2024. This surge demonstrates a higher volume of high-value sales, further illustrating the demand for properties in this market. The volume of sales is up by 20.09% from 2022 and 15.23% from 2021 .

St. Albert Average Sale Price of Homes

Average Sale Price

• The average sale price in December 2024 was $455,000, reflecting a 7.54% increase from the previous year when the average sale price was $423,000. The year-to-date average sale price for 2024 is $497,000, a 9.10% increase from $455,000 in 2023.

St. Albert Housing Market Days on MLS®

Average Days on Market

• One of the more positive signs in the 2024 real estate market is the reduction in the average days on market. In 2024, homes sold in an average of 51 days, which is a 17.74% decrease from 2023, where the average was 62 days. This shows that homes are selling faster, likely due to higher demand, lower inventory, and competitive pricing. While the 2024 days on market is up by 18.60% compared to 2022, it is still relatively low, indicating a strong seller’s market 

Market Trends and Insights

With the numbers in mind, let’s dive deeper into some of the key trends and insights shaping the St. Albert real estate market in 2024:

1. Limited Inventory and High Demand
   • The slight increase in listings alongside a larger drop in new inventory compared to previous years points to a relatively tight market in St. Albert. Sellers are benefiting from higher listing prices, but buyers are facing a more competitive environment due to fewer homes available for purchase. This dynamic is driving up both sale prices and the overall cost of inventory, making it an ideal time for homeowners considering selling their properties.
2. Price Growth Continues
   • The consistent rise in both listing and sale prices indicates the ongoing appeal of St. Albert. Homebuyers are willing to pay more, likely due to the town’s excellent amenities, family-friendly environment, and proximity to Edmonton. The rapid price increase suggests that buyers should act quickly before prices rise further.
3. Quick Transactions
   • With homes selling faster than in previous years, prospective buyers need to be prepared for a competitive market. The reduced days on market show that homes are being snatched up quickly, often at or above asking price. Buyers are advised to make competitive offers and work with experienced agents who can navigate the fast-paced environment.
4. Shifting Buyer Preferences
   • The increased sales volume and price increases in St. Albert reflect a shift in buyer preferences, possibly influenced by changes in work-from-home policies and the search for larger homes in quieter suburban settings. Families, in particular, may be seeking properties that offer more space and privacy, factors which St. Albert can provide in abundance compared to the more urban areas of Edmonton.

What Buyers and Sellers Can Expect

For buyers, 2024 in St. Albert presents a competitive yet promising opportunity. While prices have risen and inventory remains limited, the area’s growing appeal ensures that property values are likely to continue rising in the coming years. Buyers should be prepared to act swiftly, with well-prepared offers that can compete with others in a fast-moving market.

For sellers, 2024 is an excellent time to take advantage of high demand. The higher sale prices and faster transactions mean that sellers have a distinct advantage in terms of negotiation. However, it’s important to ensure that properties are priced competitively to avoid overpricing, as the market can still be sensitive to price changes.

Outlook for the Future

Looking ahead, the St. Albert real estate market is expected to remain strong, though rising prices and limited inventory could make it increasingly difficult for some buyers to enter the market. Continued demand for suburban living, coupled with the attractiveness of the area’s amenities and access to Edmonton, will likely sustain the market’s upward trajectory.

Conclusion

The 2024 St. Albert real estate market offers significant opportunities for both buyers and sellers. With high demand and rising prices, the market is performing robustly. However, it remains competitive, requiring both buyers and sellers to be prepared and informed about current trends. Whether you’re looking to buy your first home or invest in a growing community, St. Albert remains one of the most attractive options in the Edmonton Metropolitan Region.