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Parkland County Acreage Sales Real Estate Statistics Annual 2024
Parkland County acreage sales has seen fluctuations in both sales and prices. Parkland County, situated just outside the urban core of Edmonton, is known for its beautiful landscapes, serene surroundings, and acreage properties that attract those seeking a rural lifestyle. This blog will delve into the annual sales statistics for Parkland County in 2024, providing valuable insights into the market trends and key metrics to watch out for. Whether you’re a buyer, seller, or investor, understanding the current state of the acreage market can help you make informed decisions.
Market Overview: Parkland County Acreage Real Estate in 2024
The Parkland County acreage market has experienced notable changes in 2024 compared to previous years. When looking at the most critical metrics, such as total listings, average list price, total sales, and average sale price, there are several trends that stand out. These trends help both buyers and sellers assess the state of the market and make predictions for the future.
Below Graphs Are Interactive
Parkland County Acreage Listings
Total Listings: A Decrease in New Listings
In 2024, Parkland County saw 1,016 new listings for acreage properties, a decrease of 3.61% compared to 2023. While the drop in listings indicates a slightly more competitive market, the total number of available properties remains robust. This is in contrast to 2022 and 2021, where the number of listings was significantly higher. As more buyers continue to seek out acreage properties, especially with the increasing appeal of rural living, the limited availability of new listings may drive demand higher.
Average List Price
Average List Price: A Significant Increase
The average list price for acreage properties in Parkland County in 2024 has surged by 11.95%, reaching $717,000. This increase follows a pattern seen over the past few years. When compared to 2021 and 2022, where the average list prices were around $600,000, this growth is indicative of the growing desirability of acreage properties. With the demand for larger, more private spaces increasing, these price hikes are expected to continue, though at a potentially slower pace.
Parkland County Acreage Sales
Total Sales Volume: A Strong Growth
Despite the decrease in new listings, total sales in Parkland County have risen significantly. In 2024, the total number of sales reached 632, a notable 16.18% increase from 2023. This growth in sales volume demonstrates the resilience of the market even in the face of fewer available listings. Interestingly, sales in 2024 have been lower compared to 2021 and 2022, where the total number of sales was over 700 properties annually. Nevertheless, this uptick in sales in 2024 signals a healthy market where demand continues to outweigh supply.
December 2024 Parkland County Average Sale Price
Sales Average Price: A Steady Increase The average sale price for properties in Parkland County has also seen a significant rise, increasing by 8.13% in 2024 to reach $595,000. This increase is a result of both the demand for larger properties and the increasing price per listing. When compared to 2022 and 2021, the price jump is even more pronounced, making it clear that Parkland County acreage properties are becoming more valuable year after year.
Parkland County Acreage Days on MLS®
Days on Market: An Increase in Time on Market
While the number of sales has increased, properties are taking longer to sell. In 2024, the average days on market (DOM) rose to 122, an increase of 16.19% from the previous year. This uptick in DOM could be a result of the higher price points, which may cause potential buyers to be more cautious or deliberate in their decision-making process. Nonetheless, acreage properties in Parkland County remain in demand, but the shift to longer DOM should not be ignored.
Key Factors Influencing the Market in 2024
The increase in both list and sale prices, alongside higher days on market, points to the growing appeal of acreage living and the current economic conditions influencing buyer behaviour. Let’s explore some factors that are shaping the real estate landscape in Parkland County.
1. Rising Demand for Acreage Properties A major driving factor behind the increased prices and sales is the rising demand for acreage properties. In the wake of the pandemic, many individuals and families sought out rural living for its peace, space, and isolation. The trend toward remote work also enables more people to move away from the city, making larger properties in areas like Parkland County an increasingly attractive option.
2. Economic Conditions The rise in average list and sale prices can also be attributed to broader economic trends, including inflation and rising construction costs. As building materials and labor costs rise, property values naturally follow suit. Additionally, mortgage rates have been fluctuating, and while the market is somewhat tempering with the increased interest rates, the demand for acreage homes remains strong due to their unique offerings and space.
3. Supply and Demand Imbalance With fewer listings hitting the market in 2024, the supply of available acreage properties has become constrained. This imbalance between supply and demand continues to fuel price increases. As fewer sellers list their properties, buyers are left to compete for the available homes, pushing prices even higher. This competitive environment can be both beneficial and challenging for those looking to buy or sell in the area.
4. Lifestyle Preferences Another driving force in the Parkland County acreage market is the growing preference for rural living. As more individuals look for ways to escape crowded urban areas, the appeal of a quiet, expansive property becomes even more pronounced. The spacious nature of acreage properties allows for customization and outdoor living options, such as larger gardens, privacy, and room for recreational activities.
How Sellers Can Benefit from These Market Trends
If you’re considering selling your acreage property in Parkland County in 2024, there are several strategies that can help you take advantage of the current market trends.
1. Pricing It Right Given the increases in average sale prices, it’s crucial to list your property at a competitive price. Sellers should consider the unique aspects of their acreage—such as proximity to Edmonton, access to amenities, and the land’s size—and price accordingly. Working with an experienced realtor will help ensure that the property is listed at the most advantageous price point.
2. Marketing to the Right Buyers Targeting buyers who are actively seeking acreage properties will be key in a market with fewer listings. Consider advertising through channels that cater to rural living, and showcase your property’s potential for buyers who are looking for more space and privacy.
3. Highlighting Property Features Make sure to highlight the unique features of your acreage property, such as outbuildings, landscaping, and potential for future development. Buyers in this market are not just looking for a house—they are looking for a lifestyle, and highlighting these features will help your property stand out.
Insights for Buyers in 2024
On the flip side, buyers interested in purchasing an acreage property in Parkland County should be aware of the current market dynamics.
1. Be Prepared for Competition With fewer listings available, the competition for acreage properties is strong. Be prepared to act quickly when you find a property that fits your needs, and consider making an offer sooner rather than later to avoid losing out.
2. Expect Higher Prices Given the rise in list and sale prices, buyers should expect to pay more than in previous years. However, this increase in price reflects the growing demand and potential long-term value of the property.
3. Know Your Financing Options Financing an acreage property can be different from purchasing a home in an urban area. Be sure to consult with a financial advisor to understand your options and ensure that you are making the right investment.
Conclusion
TheParkland County acreage real estate market in 2024 is marked by increased demand, higher prices, and a relatively tight supply. While the market shows resilience, especially with the rise in sales volume and average prices, the increased days on market and decreased listings reflect a competitive and challenging landscape for both buyers and sellers. Understanding these trends will help anyone looking to navigate the Parkland County acreage market, whether you’re selling, buying, or simply observing the changes in this dynamic 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.
If you would like more information on buying and selling in Parkland County CONTACT CHRIS REID
