Market report · May 2024
Edmonton housing market: May 2024
The median home price in Greater Edmonton in May 2024 was $421,000, rose 8.1% year over year. 3,222 homes sold with 1.8 months of supply — a seller’s market.
Josh & Jay’s video breakdown for May 2024.
Here’s the Greater Edmonton housing market for May 2024, in plain language. The median home sold for $421,000 — sits 8.1% above where it was a year ago, and up 0.5% from the month before. 3,222 homes changed hands, and with 1.8 months of supply on the shelf it was a seller’s market.
Where prices landed
The typical Edmonton home came in at $421,000 in May 2024 (the average was $441,465). Over the last six months the median is down 2.6% in a choppy back-and-forth.
The gap between home types is the part worth watching: a detached home ran about $500,750, while an apartment was closer to $192,000. If a detached home feels out of reach this month, a townhouse or apartment is often where the math still works.
Median price · last 24 months
Supply and demand
On the demand side, 3,222 sales were 18.6% ahead of last year, against 4,229 new listings. Inventory is down 18.5% year over year, so buyers had fewer homes to choose from than a year ago.
Homes took about 34 days to sell. At 1.8 months of supply this is a seller’s market — well-priced homes move fast and multiple offers are common, so preparation matters.
Homes sold · last 12 months
The rate backdrop
Prime rate over the two years to May 2024 — what variable mortgages track, and a big driver of what buyers can afford. It was 7.2% here (Bank of Canada policy rate 5%). See every rate decision →
By property type
| Type | Median | MoM | YoY | Sales | Supply |
|---|---|---|---|---|---|
| Detached | $500,750 | +1.2% | +6.5% | 1,898 | 1.7 |
| Semi-detached | $410,000 | +2.5% | +10.8% | 358 | 1.3 |
| Row / townhouse | $295,000 | -1.3% | +18.0% | 433 | 1.3 |
| Apartment | $192,000 | +3.8% | +9.8% | 533 | 2.7 |
Source: the REALTORS® Association of Edmonton. Greater Edmonton prices use the median.
Josh’s mortgage take
Josh Tagg · Indi Mortgage
From the mortgage side: in a seller’s market you win by being ready, not by rushing. Get a real pre-approval first so you know your number and your rate is held — that’s what lets you move with confidence when the right home appears, instead of scrambling after you’ve fallen for it. Either way, know your number before you shop — it changes every other decision.
Jay’s real-estate take
Jay Lewis · RE/MAX Excellence
From the real-estate side: numbers like these are a starting point, not the whole story — the right neighbourhood and the condition of the actual house matter more than the citywide median. With a builder’s eye I’m looking past the finishes at how a home is actually built, and at value pockets like Spruce Grove, Fort Saskatchewan and St. Albert where your budget can stretch further.
Why the median? We report the median — the middle sale price, where half of homes sold for more and half for less. It reflects a typical Edmonton home better than the average, which a handful of high-end sales can pull upward.
Edmonton market FAQ
What is the average home price in Edmonton right now?
In May 2024, the median price across Greater Edmonton was $421,000 (the average was $441,465). We use the median because it better reflects a typical home than the average, which a few high sales can skew.
Is it a buyer’s or seller’s market in Edmonton?
With 1.8 months of supply in May 2024, Greater Edmonton was a seller’s market. Under ~2 months favours sellers; 2–4 is balanced; above that favours buyers.
Mortgage context by Josh Tagg (Indi Mortgage); real-estate read by Jay Lewis (RE/MAX Excellence). Canonical on edmontonhome.team; also published on mortgagesforless.ca.
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