The 2024 Red Deer Real Estate Market Report

Welcome to the 2025 edition of Patrick’s Real Estate Newsletter! In this issue, we reflect on the past year, share insights into the local housing market, and provide valuable tips for homeowners and buyers in Red Deer, Alberta.

Red Deer Real Estate Market

Reflecting on 2024.

The 2024 real estate market in Red Deer demonstrated remarkable resilience despite some challenges. Interest rates were a dominant topic, significantly shaping market activity and consumer behaviour. Yet, our community’s strong sense of connection and ongoing economic growth played a vital role in stabilizing the housing market and maintaining optimism.

General Insights.

Total Sales Comparison:

  • 2024 total sales: 1,820
  • 2023 total sales: 1,842

There was a slight decline in overall sales, indicating a stable but slightly slower market.

Peak Months: April, May and June
consistently show the highest sales
for 2023 and 2024, making spring the
most active season.

Slower Months: January, February, and December show lower activity, which is typical for winter months in the real estate market.

Optimal Selling Window:

Spring and early summer (April to June) are the best times to list a home, as this period shows the highest demand based on sales activity.

Sellers should prepare their homes during the winter months to capitalize on spring activity.

Community Insights

Each community in Central Alberta has benefited from the improved economy. Reviewing our slides below you'll note some similarities as well as some unique differences. See the comparisons below for January 1 - December 31, 2024:

Red Deer led the way with sales and listings as one would expect due to the population size of the community.

Sales New Listings
Sylvan Lake 290 368
Red Deer 1,111 1,420
Lacombe 175 219
Blackfalds 186 232
Penhold 53 58
Innisfail 119 131

 

The most affordable house price was reported by Innisfail with an average of $355,517. Meanwhile, Sylvan Lake has the highest average sale price of a house with $462,945 for a home.

  • Penhold $400,231
  • Innisfail $355,517
  • Lacombe $432,273
  • Blackfalds $429,441
  • Red Deer $449,696
  • Sylvan Lake $462,945