The Edmonton real estate market is looking up for those who intend to sell their home in 2024. With prices steadily increasing and sales activity coming to a halt, the real estate market is primed for sellers. If you’re eager to get your home on the market this spring, finding the best REALTOR® in Edmonton to help you through the process is a good idea. In this article, I’ll be going over a market update for real estate in the Edmonton area. Follow along below to learn more!
What to Expect From Edmonton Real Estate This Spring?
In January, I released a market forecast for 2024. This forecast included predictions based on RE/MAX data that Edmonton would shift from its balanced state to one that favours sellers. Fast-forward to today, and these estimations seem to be ringing true.
Over the course of 2024, experts believe that the average sales price of a house in Edmonton will jump 4%. For buyers looking to purchase a home, this means an average price tag of $416,860. It’s worth noting that most areas in Edmonton have been in balanced market conditions for several years.
In the months to come, the balanced market will continue to fade as sellers take the upper hand. The demand for single-family homes is also said to increase this year. Both of these factors could lead to bidding wars and further jumps in housing prices. Sellers are likely to see their homes sell quickly for top dollar. On the other hand, buyers will need to act fast and may struggle to find affordable homes.
Interprovincial migration is also impacting the current market conditions in Edmonton. Given the city’s affordability compared to other provinces, it’s no surprise that many Canadians are relocating. With so many newcomers, there is even more demand for housing creating a competitive market for buyers.
Contact the Best REALTOR® in Edmonton Today!
If you are interested in hiring a great real estate agent in Edmonton, contact me today! I’d be happy to help you through the buying or selling process. For more information about houses in the area, check out my brokerage’s website. Be sure to come back next month for more real estate blog content. I look forward to working with you in the near future!
