The single-family home market in Edmonton saw consistent activity throughout October 2024, with stable sales volume and continued strength in pricing. While the market showed some typical seasonal moderation, key metrics indicate that both buyers and sellers can move with confidence. Here’s a detailed breakdown of the numbers and trends shaping the market this month.

Sales Prices

In October 2024, single-family home prices averaged $525,000, which marks a slight adjustment from the summer highs of $532,000 in July. Despite this small seasonal dip, prices remain robust, reflecting a 9% year-over-year increase from $480,000 in October 2023.

This solid price appreciation over the past year suggests that Edmonton’s real estate market is holding strong, making it an attractive option for both sellers looking to capitalize on higher prices and buyers seeking long-term value in a stable market.

Sales Volume

Around 1,150 single-family homes were sold in October 2024, a slight decrease from the 1,240 homes sold in July. This softening in sales volume is expected as the market enters the colder months, where activity typically slows. Despite this, the volume remains relatively high, especially considering the time of year.

Looking ahead, we expect sales volume to continue softening through November and December, but overall, demand for single-family homes in Edmonton remains healthy, driven by favorable interest rates and continued buyer confidence.

Days on Market

Homes in Edmonton are selling faster this year compared to last. The average number of days on market in October 2024 was 33 days, down from 40 days in October 2023. This shorter time on market indicates that well-priced homes are moving quickly, a signal of sustained buyer confidence.

For sellers, this means that if your home is priced competitively, you can expect to sell faster than last year. For buyers, you’ll need to act quickly as desirable homes are not sitting on the market for long.

Supply

The months of supply in the market increased slightly to 1.9 months in October, up from 1.8 months in July. This gradual rise in inventory is typical for the fall season, as more homes come on the market. However, with less than 2 months of supply, we’re still firmly in a seller’s market.

To put this into perspective:

  • Less than 4 months of supply indicates a seller’s market.
  • 4-6 months of supply suggests a balanced market.
  • More than 6 months of supply points to a buyer’s market.

With inventory still limited, it’s a great time for sellers to list their homes while demand is strong and supply remains below balanced market levels.

In-Depth Market Analysis

  1. Pricing Trends: While we’re seeing a slight dip in pricing from summer highs, Edmonton's market remains resilient. The year-over-year price increase of 9% is above the national average, demonstrating that Edmonton continues to be a strong investment market for real estate. This growth is driven by a combination of stable population growth, strong employment numbers, and demand for housing.

  2. Interest Rate Influence: The Bank of Canada’s decision to hold the base lending rate at 4.5% in October is providing stability for buyers. Many homeowners who face mortgage renewals in late 2024 and early 2025 are benefiting from this rate freeze, keeping monthly payments manageable and preventing a rush of distressed sellers into the market. This stable lending environment is expected to support continued buyer activity into the winter months, keeping the market balanced.

  3. New Construction Opportunities: With inventory still tight at just 1.9 months of supply, new construction homes are an attractive alternative for buyers who can’t find what they’re looking for in the resale market. New builds often come with the added benefit of customization and are frequently part of planned communities with amenities. Vital Home Realty can help you explore these new build options and find homes that might not yet be listed on traditional websites.

Round-Up

For sellers, now remains an excellent time to list your home. Prices are holding steady, and with inventory levels low, you’re likely to find motivated buyers. However, as we move deeper into the fall and winter, sellers should be aware of the potential for price moderation as seasonal trends come into play.

For buyers, Edmonton’s market continues to offer value. Despite price increases over the past year, the city remains affordable compared to other major Canadian markets. Plus, with mortgage rates stable and inventory still tight, purchasing a home now could prove to be a solid long-term investment.

Key Takeaways for October 2024:

  • Single-family home prices are up 9% year-over-year.
  • Sales volume remains strong, though expected to soften as we approach year-end.
  • Average days on market is down, signaling ongoing buyer confidence.
  • Inventory levels remain tight, keeping the market in favor of sellers.
  • Interest rates remain stable, creating a favorable environment for buyers.

Here are the updated graphs for the October 2024 Single Family Market Report:

  1. Sales Price Trends (July - October 2024): Home prices show a slight moderation from the peak in July but remain strong overall.
  2. Sales Volume Comparison (2023 vs. 2024): A slight dip in sales volume is typical for the season, but 2024 remains higher than 2023.
  3. Days on Market Trend (July - October 2024): Buyer confidence is still high, with homes selling faster compared to the previous year.
  4. Supply Levels (July - October 2024): Inventory remains low, keeping the market in favor of sellers.

These visuals complement the in-depth analysis, providing a clear snapshot of the market’s health for both buyers and sellers in Edmonton.




Whether you’re considering selling or buying, Vital Home Realty is here to guide you through the process with expert advice and personalized service.

To explore new home opportunities and for more market updates and personalized real estate guidance, don’t hesitate to contact us at Vital Home Realty call Brittany Louiseize (705)475-6194 today!


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