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Edmonton Real Estate Market – September 2024
# Edmonton Real Estate Market
Edmonton’s real estate market has shown substantial growth and resilience in 2024, capturing the attention of buyers, investors, and real estate professionals alike. This blog dives into the latest data, trends, and projections for the Edmonton real estate landscape, giving readers a comprehensive understanding of where the market stands. From record-breaking property sales to rising average prices, here’s what you need to know to make informed decisions in Edmonton’s housing market.
In recent years, Edmonton has emerged as a dynamic real estate market, appealing to both local buyers and investors from across Canada. Known for its robust economy and attractive home prices compared to other major cities, Edmonton continues to be a promising location for those looking to enter or expand in the housing market. The year-to-date (YTD) statistics from 2024 show a strong upward trend in sold properties, average asking prices, and overall property values, indicating sustained interest and demand in the region.
Below Graphs Are Interactive.
Edmonton New MLS® Listings
New listings are a critical factor in understanding market dynamics, especially with the rising demand in Edmonton:
- Total New Listings for YTD 2024: 23.1K, showcasing the market’s response to increased demand.
- Monthly Listings: Edmonton saw 2.41K new listings in recent months, meeting the demand surge while also highlighting an active market.
The influx of new listings ensures that buyers have diverse options, even as demand intensifies. However, with growing interest and competitive pricing, many properties are selling quickly, creating an urgency among buyers to act fast.
Average List Price Edmonton Real Estate Market
In Edmonton, the average asking price has seen steady growth, providing sellers with favourable conditions:
- Current Average Asking Price: $470K, reflecting a 5.47% YTD increase over 2023.
- 2023 vs. 2024 Comparison: In 2023, the average asking price was $438K. By 2024, it has risen to $459K, representing a 4.75% increase year-over-year.
This consistent increase indicates a market where sellers have confidence in raising prices, driven by heightened buyer interest and limited inventory. For buyers, this trend suggests acting sooner rather than later, as asking prices continue to climb steadily.
Home Sales In The Edmonton Real Estate Market
The data for 2024 highlights a significant increase in the number of sold properties:
- September 2024: 1.58K properties sold, marking a 7.8% increase compared to September 2023.
- YTD 2024: A total of 16.1K properties have sold so far, showing a 27.1% rise from the 12.7K sold during the same period in 2023.
This growth rate underscores the increasing demand for homes in Edmonton, which can be attributed to a combination of factors, including population growth, economic stability, and appealing property values compared to other Canadian cities.
Edmonton Average Home Sale Price
The average sales price has also experienced an upward trend on both a monthly and annual basis:
- September 2024 Average Sale Price: $413K, a 9.8% increase from September 2023.
- YTD 2024: The average sale price for the year sits at $406K, which is up by 7.48% from 2023’s average of $378K.
The rise in average sale price reflects growing property demand and value appreciation in Edmonton, which is especially appealing to investors who seek long-term gains. For current homeowners, this trend translates to increased home equity and overall financial growth.
- Ask-to-Sell Ratio: The ratio has improved to 0.985, up by 1.3%, indicating that homes are selling closer to their asking prices than before.
The reduction in days on market coupled with a stronger ask-to-sell ratio illustrates that properties are not only in demand but are also attracting offers closer to the asking price. This is positive news for sellers and further solidifies Edmonton’s position as a seller’s market in 2024.
Edmonton Real Estate Market -Average Days
How quickly a property sells is a crucial metric in gauging market health. In 2024, Edmonton has seen a favoruable shift in days on market and ask-to-sell ratios:
- Average Days on Market: 54 days, reflecting a 15.63% decrease from the previous year.
The Edmonton real estate market in 2024 presents numerous opportunities for buyers, sellers, and investors. With rising property values, an increase in sold properties, and a shorter time to sell, Edmonton’s market showcases resilience and growth potential. Key takeaways include:
- Strong Demand: The rising number of sold properties and new listings suggests that Edmonton remains an attractive destination for property buyers.
- Increased Property Values: Average asking and sale prices continue to climb, reinforcing the city’s appeal to investors and homeowners.
- Positive Market Indicators: With reduced days on market and an improved ask-to-sell ratio, Edmonton shows all signs of a competitive 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
