Edmonton Real Estate Market Report – September 2024

The Greater Edmonton Area real estate market recorded 2,256 residential unit sales in September 2024, marking a 12.6% decline from August 2024. Despite the seasonal drop, sales remain 10.0% higher than in September 2023. New residential listings totaled 3,215, down 4.6% from August but 6.4% higher than last year. Overall inventory in the GEA decreased by 1.7% month-over-month and by 12.1% year-over-year.

Residential Unit Sales Breakdown

• Detached Homes: 1,299 sales in September, an 11.1% decrease from August but 8.2% higher year-over-year.
• Semi-Detached Homes: Sales dropped 15.8% from August, yet show a 12.9% increase over September 2023.
• Row/Townhouses: Unit sales decreased by 15.4% month-over-month, but these properties saw a 25.9% increase from last year.
• Apartment Condominiums: Sales fell 12.6% from August 2024 but are 2.2% higher compared to September 2023.

Average Prices

• Overall Residential: The average price across all residential types reached $440,366, a 1.2% increase from August and an 11.7% jump year-over-year.
• Detached Homes: Averaged $552,684, a 1.3% increase from August, and 11.9% higher year-over-year.
• Semi-Detached Homes: The average price was $413,252, a slight 0.3% decrease from August but up 16.8% from last year.
• Row/Townhouses: Averaged $292,875, up 0.7% from August and 9.6% year-over-year.
• Apartment Condominiums: Priced at $199,564, down 2.3% from August but up 9.6% compared to September 2023.

MLS® Home Price Index (HPI) The MLS® HPI composite benchmark price in the GEA was $406,400 in September 2024, a slight decrease of 0.2% from August and up by 7.6% year-over-year, indicating steady appreciation in the market.

Days on Market

• Detached Homes: Averaged 37 days on the market, up by two days from August.
• Semi-Detached Homes: Averaged 30 days, remaining steady month-over-month.
• Row/Townhouses: Days on market rose to 36 days from 30 in August.
• Apartment Condominiums: Averaged 48 days, an increase of seven days.
• Overall: Residential listings averaged 38 days on the market, three days longer than in August, but six days shorter compared to September 2023.

“The market is starting to settle into its usual autumn rhythm,” says Matt, Owner/Realtor at Park Realty. “With cooling activity and low inventory levels, sellers are still seeing solid prices, and buyers may find fewer choices, but there’s also less competition. It’s a balanced time to buy or sell before winter kicks in.”