December 2024 Spruce Grove Real Estate Market Statistics

In December 2024 Spruce Grove continues to be one of the most attractive communities for homebuyers in the greater Edmonton area. Its proximity to the city, combined with a small-town feel and growing infrastructure, has contributed to a steady increase in demand. In this blog post, we will dive deep into the latest market trends and key statistics for December 2024 to give you a comprehensive view of the Spruce Grove real estate landscape.

The below graphs are interactive

New MLS® Listing Count

Fewer New Listings, but Strong Year-to-Date Growth

While December saw a decrease in new listings, with only 62 new properties hitting the market, the overall year-to-date numbers indicate healthy growth. There were 1,539 new listings in 2024, a 7.92% increase compared to 2023. The drop in December may simply reflect seasonal slowdowns as we approach the holiday season.

The decrease in new listings combined with the increase in the number of properties sold suggests that Spruce Grove is experiencing inventory shortages, which may continue to drive prices higher. As we move into 2025, it’s expected that the market will experience new construction projects, which could help replenish inventory levels.

Average Listing Price in Spruce Grove

Rising Home Prices

The increase in average asking prices reflects the heightened demand and continued popularity of Spruce Grove. Home sellers are pricing their properties higher due to the lack of inventory and rising buyer competition. In December 2024, the average asking price reached $499K, and the average sale price was $453K, showing an 18.22% increase from the previous year.

This upward trend in prices highlights the competitive nature of the market. However, it’s important to note that these increases are still relatively moderate compared to other areas, which may make Spruce Grove appealing for buyers seeking value for their money.

December 2024 Spruce Grove Home Sales

One of the most significant indicators of the health of a real estate market is the number of properties sold. In Spruce Grove, the total number of sold properties reached 68 in November 2024, marking a 3.03% increase from the previous year. Year-to-date (YTD) figures are even more impressive, with 1,187 properties sold in 2024, which is a substantial 31.89% increase compared to 2023. This uptick in sales volume is a strong signal of growing buyer interest and an increasingly competitive market environment.

Real Estate Market Statistics Spruce Grove Average Home Sale Price

his increase is consistent with the trend observed in average sale prices, which saw a 23.20% rise to $444,000 in the same month, compared to November 2023. The year-to-date average sale price also rose to $427,000, reflecting a 9.80% increase from the previous year. 

The average ask-to-sell ratio in November 2024 was 0.989, showing a slight increase of 1.24% from the previous year. This ratio, which measures how close the final sale price is to the asking price, indicates that sellers are achieving nearly their full asking price, signifying a seller’s market where buyers are willing to meet the terms set by sellers.

Days on Market Until Sale

Shorter Time on Market

Homes in Spruce Grove are selling faster. In December 2024, the average number of days on the market was 49, a significant decrease from the 71 days in December 2023. This 38.75% drop in time on market indicates a seller’s market, where demand is outpacing supply, and homes are being snapped up quickly.

For buyers, this means that it’s crucial to act fast when a property that meets their criteria hits the market. For sellers, it means that homes priced correctly and marketed well can sell quickly and at or above asking price.

The Spruce Grove Market in Perspective

Spruce Grove is experiencing a thriving real estate market, with impressive year-over-year gains in both sales and pricing. While the number of new listings has seen a slight dip in December, the overall market remains strong. Buyers looking for affordable homes near Edmonton will continue to find Spruce Grove an attractive option. With its ongoing development and strong community amenities, Spruce Grove will likely continue to be a hot spot for real estate investment.

For sellers, the market conditions are favourable, with homes selling faster and prices continuing to climb. It’s an ideal time for those looking to capitalize on the growing demand.

Looking Ahead: What’s Next for the Spruce Grove Real Estate Market?

As we head into 2025, the Spruce Grove real estate market is poised for continued growth. With ongoing urban development, better access to amenities, and affordable housing options, Spruce Grove will likely continue to attract both first-time homebuyers and those looking to upgrade their homes.

For buyers, staying informed on the latest listings and market trends will be crucial to securing a home at the right price. For sellers, pricing strategically and preparing homes for quick sales will be key to taking advantage of the current market conditions.

In conclusion, whether you’re a buyer, seller, or investor, Spruce Grove offers significant opportunities in 2025. Keep an eye on the market and work with an experienced local REALTOR® to make the most of the growing real estate landscape.

For more information on buying or selling in Spruce Grove CONTACT CHRIS REID