Here’s a quick comparison of how Medicine Hat’s residential market has shifted from 2023 to 2024.
1. Average Residential Sale Price
✅ 2023: $322,410
✅ 2024: $344,321 (+6.8%)
- Home prices have increased, making it a great time for sellers.
- Buyers may face higher prices and should adjust expectations
2. Close Price to List Price Ratio
✅ 2023: Homes sold for 97.7% of their asking price.
✅ 2024: Homes are selling for 98.2% of the asking price.
- Sellers are getting closer to their asking price.
- Buyers should expect to offer closer to asking price to remain competitive.
3. Days on Market (Median)
✅ 2023: 28 days
✅ 2024: 22 days
- Homes sold faster in 2024.
- Sellers can expect a quicker turnaround.
- Buyers should be ready to act fast—homes aren’t staying on the market as long.
4. Total Units Sold
✅ 2023: 1,163 homes sold
✅ 2024: 1,133 homes sold
- A slight drop in sales, but this aligns with higher prices and faster sales.
- The market remains competitive with fewer available listings.
5. New Listings
✅ 2023: 1,481 new listings
✅ 2024: 1,372 new listings (-7.4%)
- Fewer new listings = higher competition for buyers.
- Desirable properties are selling quickly—act fast when you find the right home.
Key Takeaways
For Sellers
✔ Prices are up, and homes are selling faster.
✔ Fewer listings mean higher demand for your property.
✔ Now is a great time to list and sell quickly at a strong price.
For Buyers
✔ The market is competitive—act fast when you find a home you love.
✔ Expect to pay closer to the asking price.
✔ Be flexible and prepared to make strong offers.
Whether you’re buying or selling, staying informed helps you navigate the market with confidence. Need advice? Reach out anytime, we would love the opportunity to work with you!