Edmonton Real Estate Market Update – December 2024

As expected, December saw the traditional winter slowdown in the Greater Edmonton Area (GEA) real estate market, with activity cooling off compared to the previous month. However, year-over-year gains in sales and prices continue to reflect the market’s underlying resilience and steady demand.

Residential Unit Sales

December recorded 1,428 residential unit sales in the GEA—a 25.4% decrease from November but a notable 17.2% increase compared to December 2023.

• Detached Homes: Sales totaled 826 units, down 27.2% month-over-month, but up 18.8% year-over-year.
• Semi-Detached Homes: Sales decreased 15.8% from November, totaling 165 units, but were 18.7% higher than the previous year.
• Row/Townhouses: Sales dropped 22.9% from November but remained 13.1% higher than December 2023.
• Apartment Condominiums: Sales slowed 27.1% compared to November, yet stayed 15.1% higher than the previous year.

Average Prices

The overall residential average price remained steady at $435,549, reflecting no change from November 2024, but up 12.2% year-over-year.

• Detached Homes: Averaged $540,232, maintaining levels from November and reflecting a 10.6% annual increase.
• Semi-Detached Homes: Averaged $408,823, up 1.6% from November and 12.3% year-over-year.
• Row/Townhouses: Averaged $292,640, up 1.4% month-over-month and 12.3% higher than December 2023.
• Apartment Condominiums: Averaged $203,920, a 1.8% month-over-month increase and up 19.8% year-over-year.

MLS® Home Price Index (HPI)

The composite benchmark price in the GEA rose slightly to $403,900, up 0.4% from November and 7.8% higher than December 2023.

Days on Market

• Detached Homes: Averaged 44 days, an increase of 3 days from November.
• Semi-Detached Homes: Averaged 33 days, up 1 day.
• Row/Townhouses: Averaged 38 days, up 2 days.
• Apartment Condominiums: Averaged 57 days, increasing by 9 days.

The overall average was 44 days on market, up 4 days month-over-month but 8 days faster than December 2023.

Park Realty’s Insights

“As we wrap up 2024, the steady price growth and year-over-year sales increases confirm the resilience of Edmonton’s real estate market,” says Ken, Owner/Realtor at Park Realty. “While activity slowed for the winter months, the stage is set for an exciting and active spring market in 2025. Sellers preparing their homes now can gain a competitive edge when the season picks up.”

Stay tuned for our next market update, and as always, reach out with any real estate questions or needs!