Average price of detached home in Edmonton at $540k in December

Heads up if you are looking to buy a house in Edmonton. Those who work in real estate say it’s an ‘outbidding’ war between buyers to get into a home.

It comes as a new report shows the average price of a detached home here in Edmonton last month was $540,000.

“It didn’t matter how many people were writing offers, there was always a higher offer on the table,” said Logan Patterson, an associate broker at Logic Realty.

This real estate broker says single-family homes were a hot seller in the summer of 2024.

With the rush to get into a house in Edmonton and the ensuing bidding war, Patterson says it has been driven by people moving to our city from eastern Canada and other expensive housing markets, meaning they have the funds to buy.

“Sitting down at the table and needing to write an offer that can outbid someone else, but they’re coming from a city that has, the normal house is $800,000-$900,000.”

December data from the Realtors Association of Edmonton shows the average price of a detached home in Edmonton is at $540,000 — that’s up more than 10 per cent from the same the year before.

The same report finding a detached home spent an average of 44 days on the market.

Patterson is not expecting prices to go down in 2025, but he does expect Edmonton’s housing market to cool down a little.

“There was just about no dip in the market last winter, when that happens that’s really unique. This year we’re already seeing that dip and I expect it to continue for another month or so,” said Paterson.

The report from the Realtors Association of Edmonton says over 1,400 residential units were sold in Edmonton in December — that’s down over 25 per cent from the year before.