The August 2024 real estate market stats for Edmonton are in, and we’re seeing some interesting trends that could have a significant impact on buyers and sellers alike as we move into the last quarter of the year. In this post, we’ll break down the latest data on inventory, sales, and price movements across different property types. Whether you’re buying, selling, or just keeping an eye on the market, there’s something here for everyone.

Inventory and Sales Trends

One of the most notable stats from August is the continued decrease in available inventory. In fact, Edmonton’s housing inventory is down 7% compared to July 2024, following a pattern of shrinking listings over the summer months. This reduction in available homes has had a direct effect on sales, which are down 12% in August. While this drop may seem concerning at first glance, it’s important to consider the broader context.

Typically, we see a slowdown in home sales as summer wraps up and the school year begins. Many buyers aim to settle in before September, so it’s not unusual to see a dip in activity this time of year. Additionally, year-to-date sales are still significantly higher compared to 2023, up nearly 16%—which suggests the market is normalizing after the unprecedented post-COVID activity.

Detached Homes

Detached homes have always been a staple of the Edmonton market, and August 2024 is no exception. The median price for detached homes has increased by 10.4% year-over-year, with average prices hovering around $495,500. Over the summer, price swings have been minor—only about $3,000 to $5,000 month-to-month—which indicates a relatively stable market.

This stability is good news for both buyers and sellers. Buyers can expect to find homes within predictable price ranges, while sellers who price their homes correctly can still anticipate a quick sale. Days on market (DOM) have dropped by 10 days compared to August 2023, meaning homes are selling faster than they did this time last year.

Semi-Detached Homes

Semi-detached homes have also performed well in August, with prices up 11.6% year-over-year. The median price for semi-detached properties in Edmonton sits at approximately $413,000. Similar to detached homes, semi-detached properties have experienced relatively small price fluctuations over the past few months, with shifts of around $10,000 to $13,000 depending on the month.

For buyers, this segment continues to offer value, especially compared to detached homes, while still providing the benefits of more space and a standalone living environment. Sellers should be cautious, though—mispricing properties in this market can lead to longer listing times, as buyers are becoming more patient and waiting for the right deal.

Row Houses

If you’re an investor, row houses have been a standout performer this year. Prices for row houses have surged by an incredible 17.5% year-over-year, with median prices now sitting around $290,000. This growth has been driven by strong demand from buyers and investors looking for affordable, multi-family housing options that offer more space than condos.

Despite this impressive price growth, row houses remain an attractive option for first-time buyers and investors due to their lower price point compared to detached and semi-detached homes. With minimal price swings in recent months, row houses are offering a great balance of affordability and investment potential.

Apartment Condos

Apartment condos have seen more moderate growth in comparison to other property types. Prices are up 5.6% year-over-year, with the median price for condos sitting around $190,000. While this price point makes condos an attractive entry-level option for buyers, the market remains relatively stable with minimal price changes month-to-month.

One area of note is the days on market for condos, which has decreased compared to last year. This suggests that even with moderate price increases, condos are still selling faster than they were in 2023. For buyers, this could be a good time to consider a condo purchase, especially as interest rates have begun to soften, improving affordability.

Looking Ahead: The Impact of Interest Rates

As we move into the final quarter of 2024, all eyes are on interest rates. Recent drops in bond yields and interest rates could provide much-needed relief for buyers, especially as affordability has been a key concern in the market this year. While we usually see a softening in home prices and sales in the fall, the interest rate environment could help stabilize prices.

It’s too early to predict exactly how the market will behave over the coming months, but the signs point to a steady, stable market for the remainder of 2024. Sellers should remain realistic about pricing, and buyers should take advantage of the current interest rate environment to secure a deal before the year ends.

Watch the Full Video for More Insights

If you want to dive deeper into the latest Edmonton real estate stats and trends, be sure to check out our full video on YouTube where we discuss everything from inventory shifts to interest rate predictions. Watch the video here.

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