The Edmonton real estate market saw significant changes in October 2024, with sales volume soaring despite pressure from recent interest rate fluctuations. If you’re a homeowner, buyer, or investor in the Greater Edmonton Area, understanding these shifts can help you make informed decisions.
October 2024 brought a 10.5% increase in residential sales month-over-month and a remarkable 38.5% increase compared to October 2023. With new listings down 8.7% from September, inventory is tighter, contributing to a competitive market for buyers.
Detached home sales rose 10.2% month-over-month and an impressive 37.2% year-over-year. The average detached home price in Edmonton remains steady at $552,954, up 13.6% from last year. Sellers of detached properties are well-positioned to benefit from this stable demand and limited inventory.
Semi-detached, row/townhouse, and apartment condo sales also saw significant gains, with condo sales up 43.6% year-over-year. This boost in activity indicates a growing interest among buyers seeking more affordable property options, possibly driven by increased interest rate impacts on financing.
For buyers and investors, the market presents unique opportunities. While apartment condo prices dipped 4.1% from September, their demand has spiked. Buyers looking for entry-level properties or investment opportunities can take advantage of these trends.
With Edmonton’s October 2024 market showing strong sales and stable prices, now may be an ideal time for sellers to list. Buyers and investors should also keep an eye on the evolving landscape, as interest rates shape Edmonton’s real estate future. For personalized advice, reach out today to explore your options in the Edmonton housing market.
Craig Finnman
RE/MAX Elite
(780) 982-1589
craig@craigfinnman.ca
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