Edmonton Real Estate Market Update | JULY 2024

There were 2,847 residential unit sales in the Greater Edmonton Area (GEA) real estate market during June 2024, an 11.4% decrease from May 2024, but still 10.0% higher than June 2023. New residential listings amounted to 3,712, a 14.2% drop from May 2024, and 2.6% higher than June 2023. Overall inventory in the GEA increased 1.9% from May 2024 but is still 15.9% lower than June 2023.

Detached unit sales totaled 1,661, a decrease of 12.3% over the previous month, and 4.5% higher than the last year. Semi-detached unit sales decreased 5.9% month-over-month and showed an increase of 7.4% year-over-year. Row/Townhouse unit sales decreased 6.5% compared to May 2024 but sold 37.2% more than June 2023. Apartment Condominium unit sales were still 13.6% higher than the previous year but decreased 16.7% from May 2024.

Total residential average prices came in at $438,973, a 0.6% decrease from May 2024, and a 6.6% increase from June 2023. Detached homes averaged $539,468, decreasing 1.3% from May 2024 and up from the previous year by 7.9%. Semi-detached units sold for an average of $422,321, increasing 2.0% from the previous month, and up 10.3% year-over-year. Row/townhouse prices dropped 1.5% from May 2024 and rose 12.7% from June 2023, selling at an average of $290,249. Apartment Condominium average prices hit $211,583, increasing 2.3% over last month and 8.5% higher than the previous year.

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $408,200, increasing 2.1% from May 2024, and 7.0% from June 2023.
“The market as a whole is at its plateau for the season,” says REALTORS® Association of Edmonton 2024 Board Chair Melanie Boles. “We’re likely going to see the number of sales continue to decline as we approach the end of summer, but our average prices don’t seem to be declining as much. In fact, prices actually increased in the semi-detached and condo market, which could indicate those properties are attractive to investors at the moment.”

Detached homes averaged 29 days on the market, decreasing four days from May 2024. Semi-detached homes recorded a one-day decrease with 28 days on the market, and row/townhouses’ days on the market decreased by two days to 25. Apartment condominiums' average days on the market remained at 42. Overall, all residential listings averaged 30 days on the market, a month-over-month decrease of 3 days, and an 11-day decrease compared to June 2023.

If you're interested in how these market trends relate to your real estate goals, our team would love to answer your questions. Call us today at 780-462-5002 or fill out the form below to get in touch with us!

Edmonton real estate market statistics for June 2024

Edmonton real estate statistics for June 2024.

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