Market report · July 2024
Edmonton housing market: July 2024
The median home price in Greater Edmonton in July 2024 was $411,867, rose 7.0% year over year. 2,936 homes sold with 2 months of supply — a balanced market.
Josh & Jay’s video breakdown for July 2024.
Here’s the Greater Edmonton housing market for July 2024, in plain language. The median home sold for $411,867 — sits 7.0% above where it was a year ago, and down 1.8% from the month before. 2,936 homes changed hands, and with 2 months of supply on the shelf it was a balanced market.
Where prices landed
The typical Edmonton home came in at $411,867 in July 2024 (the average was $440,185). Over the last six months the median is down 4.7% in a choppy back-and-forth.
The gap between home types is the part worth watching: a detached home ran about $500,000, 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, 2,936 sales were 26.6% ahead of last year, against 3,652 new listings. Inventory is down 16.1% year over year, so buyers had fewer homes to choose from than a year ago.
Homes took about 33 days to sell. At 2 months of supply this is a balanced market — neither side has the whip hand, which usually means room to negotiate on the right home.
Homes sold · last 12 months
The rate backdrop
Prime rate over the two years to July 2024 — what variable mortgages track, and a big driver of what buyers can afford. It was 6.7% here (Bank of Canada policy rate 4.5%). See every rate decision →
By property type
| Type | Median | MoM | YoY | Sales | Supply |
|---|---|---|---|---|---|
| Detached | $500,000 | +1.0% | +9.9% | 1,704 | 2 |
| Semi-detached | $405,000 | -1.5% | +9.3% | 313 | 1.3 |
| Row / townhouse | $285,000 | -1.7% | +9.6% | 424 | 1.5 |
| Apartment | $192,000 | -1.5% | +10.3% | 495 | 2.9 |
Source: the REALTORS® Association of Edmonton. Greater Edmonton prices use the median.
Josh’s mortgage take
Josh Tagg · Indi Mortgage
From the mortgage side: a balanced market is a gift of time. Get pre-approved so you know exactly what you can carry, lock a rate hold while you look, and use the breathing room to choose well rather than chase. 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 July 2024, the median price across Greater Edmonton was $411,867 (the average was $440,185). 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 2 months of supply in July 2024, Greater Edmonton was a balanced 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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