Home prices in Edmonton continue to soar as demand outpaces supply: Royal LePage
Posted July 11, 2024 12:59 pm.
Prices of homes in Edmonton continue to skyrocket, as those in the market for a property compete for dwindling inventory, according to new data from Royal LePage.
According to the report released Thursday, the aggregate home price in Edmonton increased 3.7% year over year to $450,600 in the second quarter of 2024.
The median price of single-family detached homes continues to soar increasing 5.5% year over year to $497,200. During the same period, the median price of a condo increased 4.2% year over year to $201,600.
“Sales activity remained strong in Edmonton in the first half of the year with many homebuyers competing for properties. I expect we will even surpass the high volume of transactions recorded during the height of the pandemic real estate boom. In fact, were it not for the constraints of extremely low supply, we’d likely see even more deals getting done,” said Tom Shearer, broker and owner, Royal LePage Noralta Real Estate.
Inventory in Edmonton has increased, but not enough to keep up with current demand, the report stated.
“Right now, every home to hit the market that’s well-maintained and appropriately priced is getting scooped up. Essentially, the only properties that are languishing are overpriced or still in the pre-construction phase,” Shearer added.
Royal LePage maintains Edmonton’s year-end forecast with prices expected to increase 6.5% in Q4 2024 over the same period last year.
