As 2024 winds down, Edmonton's real estate market continues to show dynamic trends, marked by strong annual growth and slight month-over-month adjustments. Whether you’re a buyer, seller, or investor, understanding these shifts is key to making informed decisions.
📈 November Market Highlights
Average Home Price:
- The average price of a home in Edmonton was $436,401 in November 2024, reflecting a 0.8% decrease from October.
- Year-over-year, prices surged by 15%, showing robust annual growth.
Benchmark Prices:
- Benchmark prices, which reflect the value of a typical home, grew 7.9% annually to reach $402,100.
Detached Homes:
- The average price rose to $540,320, representing a 13% YoY increase.
- Month-over-month, prices dipped by 2.3%, offering a potential window for buyers.
Semi-Detached Homes:
- Prices climbed to $411,469, with a 14% annual increase and a 1.1% monthly rise.
Townhouses:
- Average price: $288,176, marking a 6.3% yearly increase but a 6.4% monthly decline, signaling opportunities for bargain hunters.
Apartments:
- A standout sector, apartment prices jumped 16% YoY to $200,266, with a 4.6% monthly rise, reflecting renewed interest in urban living.
🏙️ Why Edmonton Stands Out
Among Canada’s five largest population centers, Edmonton continues to shine as the most affordable city for housing. This affordability, coupled with its growth trends, positions the city as an attractive market for first-time homebuyers, seasoned investors, and families seeking long-term stability.
💡 What Does This Mean for You?
- Buyers: With annual price growth across property types, acting sooner rather than later might be wise to secure your dream home or investment.
- Sellers: The YoY increases in average prices present excellent opportunities to maximize returns.
- Investors: Strong appreciation in apartment and semi-detached home prices makes Edmonton a favorable market for rental properties or long-term holdings.
Wild Rose Neighborhood
The Wild Rose community is experiencing exceptional growth:
- November 2024 Average Sales Price: $525,000, a 28.04% increase from November 2023.
- Year-to-Date 2024 Average: $413,000, up 10.72% YoY.
An in-depth breakdown for Wild Rose will be included as an attachment, so don’t miss out on these neighborhood-specific insights.
Devon Neighborhood Update
The Devon market presents a contrasting trend:
- November 2024 Average Sales Price: $338,000, a 3.68% decrease YoY.
- Year-to-Date 2024 Average: $372,000, a 6.87% increase YoY.
This balance of affordability and steady growth makes Devon a unique opportunity for buyers seeking value.
🌟 Looking Ahead
Edmonton's housing market has shown resilience and promise throughout 2024. As we approach 2025, understanding these trends can help you make strategic real estate decisions.
Reggie Sandhu