Calgary, Chestermere, and Surrounding Areas Real Estate Market Overview: Key Insights for 2024
As 2024 draws to a close, Calgary and its surrounding communities, including Chestermere, have experienced another strong year of real estate growth. This blog provides a detailed, easy-to-follow breakdown of the key trends, pricing, and market conditions that defined the year. Whether you’re a buyer or seller, here’s what you need to know about the Calgary real estate market in 2024.
1. Calgary Real Estate Market Highlights for 2024
Sales Performance:
A total of 1,322 sales were recorded in December, marking a slight 3% decline compared to 2023.
However, this figure was nearly 20% higher than long-term trends, indicating sustained market activity.
Sales in 2024 were nearly equal to those of last year, with higher-priced homes seeing gains that offset lower-priced homes' pullbacks due to limited supply.
Inventory Levels:
December ended with 2,989 units available, showing a significant improvement from the previous year.
While still below long-term trends, inventory levels were much higher than last year, thanks to increased new listings and rental choices.
Price Trends:
Home prices stabilized in the second half of the year after sharp increases in spring 2024.
Overall, benchmark prices increased by 7% in 2024, with some property types seeing higher growth.
2. Detached Homes in Calgary
Sales Growth:
Detached home sales were particularly strong for properties priced over $600,000, due to easing lending rates.
Inventory improved within city limits, although conditions varied across districts.
Price Growth:
Detached home prices increased by 11% on average in 2024, with the North East and East districts seeing the highest price growth (above 10%).
Much of the price increase occurred during spring when supply was exceptionally low.
3. Semi-Detached Homes
Market Shifts:
With limited supply in detached homes, many buyers turned to semi-detached properties.
Sales increased by 5% in 2024, and new listings helped balance the market by the fourth quarter.
Price Trends:
The annual benchmark price for semi-detached homes rose by 11%, averaging $669,042.
Price growth was most significant in the North East and East districts, where increases exceeded 15%.
4. TownHomes
Sales Insights:
Row home sales reached 4,647 units, a 2% increase compared to last year.
Sales were supported by an 18% rise in new listings, which provided more options for buyers.
Price Increase:
The benchmark price for row homes rose by 14% across Calgary.
Significant price growth was seen in the North East and East districts, where prices grew by over 20%.
5. Apartment Condominiums
Sales Activity:
Apartment sales slowed by 4% compared to last year, but with 7,568 transactions, it still marked the second-highest year on record.
More new listings helped shift the market toward more balanced conditions in the second half of the year.
Price Growth:
Despite some late-year price adjustments, the annual benchmark price for apartments rose by 15%.
The North East, East, and South districts saw price growth of over 20%.
6. Regional Insights: Airdrie, Cochrane, Okotoks, and Chestermere
Airdrie:
Sales in Airdrie reached 1,951 units in 2024, a 4% increase from 2023.
Improved inventory levels in the second half of the year helped balance the market, easing price pressure.
The average benchmark price rose by 8%, with the most significant growth in higher-density homes.
Cochrane:
Cochrane favored sellers for most of the year, but by the last quarter, new listings improved inventory levels.
The benchmark price for homes in Cochrane rose by 9%, averaging $565,808.
Okotoks:
Okotoks saw new listings rise by 16%, contributing to nearly 8% growth in sales.
Tight market conditions pushed benchmark prices up by 8%, with the most significant price increases for semi-detached and row-style homes.
Chestermere:
Chestermere, located just east of Calgary, experienced steady demand throughout 2024.
The market saw an increase in new listings, helping balance supply and demand, and pushing prices in line with Calgary’s broader market trends.
Although Chestermere offers a quieter lifestyle than Calgary, it remains a popular choice for buyers looking for access to the city and a suburban environment.
7. Looking Ahead: 2025 Outlook
Supply and Demand:
Supply will continue to be a critical factor in 2025. The market’s direction will depend on the types of properties being listed and how demand holds up amid potential economic changes.
Market Forecast:
CREB® will release its 2025 forecast report on January 21, offering insights into the potential risks and expectations for the market in the coming year.
Final Thoughts:
The Calgary real estate market in 2024 was defined by strong sales and price growth, driven by increasing inventory, population growth, and shifting demand across various property types. Whether you’re looking at detached homes, semi-detached properties, row homes, or condos, there were opportunities across all sectors. Chestermere also saw consistent demand, making it an attractive alternative for those seeking a quieter lifestyle with easy access to Calgary. As we head into 2025, the market will continue to evolve, making it important for both buyers and sellers to stay informed and prepared for the changing conditions.
Feel Free to Reach Out
If you have any questions or need guidance, don’t hesitate to get in touch. I’m here to help you navigate the Calgary real estate market and make informed decisions with confidence.