The Latest Real Estate Statistics

May 2024

In the month of May 2024, the housing market in Greater Edmonton Area (GEA) showed promising growth, with total residential unit sales reaching 3,220. This is an increase of 3.3% from April of 2024 and 18.9% higher than May of the previous year.

As for new listings, there were 4,325, a 13.4% increase from April 2024, and 12.6% higher than May 2023. Furthermore, inventory also increased by 6.9% compared to the previous month, but it is still 17.1% lower than May of 2023.

Residential Prices

Residential average prices were $441,350 in May 2024, indicating a 2.2% increase from April 2024, and a 5.0% increase from May 2023. Detached homes averaged at $546,390, marking a 3.0% increase from April 2024 and 6.8% increase from the previous year. Semi-detached units had an average price of $414,116, an increase of 1.8% from the previous month and a significant 8.4% increase year-over-year.

Row/townhouse prices remained steady, with an average price of $294,742, showing no change month-over-month but coming in 16.2% higher compared to May 2023. Apartment Condominium average prices reached $206,591, a 2.6% increase over the previous month and 6.9% higher than May 2023.

The MLS® Home Price Index (HPI) composite benchmark price in the GEA was $399,900, a 1.1% increase from April 2024, and 6.1% up from May 2023.

Days On Market

As a prospective home buyer or seller, it's also important to consider how long properties stay on the market. Across all residential listings, properties averaged 33 days on the market, which was a decrease of 2 days from the previous month and a 9-day decrease compared to May 2023.

With these statistics in mind, it's clear that Edmonton's housing market is demonstrating continual growth with prices steadily climbing. Whether you are looking to buy or sell, now might be an opportune time to explore your options in the Greater Edmonton Area.