Edmonton Real Estate Market Report for July 2024

The Greater Edmonton Area real estate market saw a total of 2,941 residential unit sales in July 2024. This marks a 3.5% increase from June 2024 and a notable 27.1% increase compared to July 2023.

New Listings & Inventory

• New Listings: 3,729 new residential listings, up 2.9% from June 2024 and 13.2% higher than July 2023.
• Overall Inventory: Decreased by 1.4% from June 2024 and is 15.1% lower than July 2023 levels.

Average Prices

• Overall Residential: $440,466, a 0.4% increase from June 2024 and a 7.7% increase from July 2023.
• Detached Homes: $552,031, a 2.3% increase from June 2024 and 9.8% higher than the previous year.
• Semi-Detached Homes: $406,906, a decrease of 3.6% from the previous month but up 7.4% year-over-year.
• Row/Townhouses: $292,072, up 0.7% from June 2024 and 10.6% from July 2023.
• Apartment Condominiums: $204,315, a decrease of 3.4% from June 2024 but 4.9% higher than the previous year.

MLS® Home Price Index (HPI)

• Composite Benchmark Price: $406,600, a decrease of 0.4% from June 2024 but up 7.1% from July 2023.

Days on Market

• Detached Homes: 32 days, an increase of three days from June 2024.
• Semi-Detached Homes: 27 days, a decrease of one day from June 2024.
• Row/Townhouses: 31 days, an increase of six days from June 2024.
• Apartment Condominiums: 43 days, an increase of one day from June 2024.
• Overall Residential Listings: 33 days, a month-over-month increase of three days but a 12-day decrease compared to July 2023.

“The detached housing market has seen nearly a 10% price increase over the past year, making it challenging for buyers to enter. With interest rates continuing to drop, we anticipate the market will remain hot, sustaining or even boosting buyer demand.” - Matt Unrau, Owner/Realtor, Park Realty