Home prices in Red Deer using the monthly average and the 6-month running average
This page is updated each month with a 13-month table and a 36-month graph so readers can see how prices are trending.
Each month I update the monthly home price average from the homes sold in the previous month. I post the overall average sale price of homes in Red Deer, averaging the sold price of all homes the previous month including semi-detached homes, townhomes (townhouses), apartments (condos), and detached homes. And I do the same thing to track detached home prices in Red Deer.
In addition to posting the monthly average, I post the 6-month running average overall and for detached homes. At the end of the article, I summarize what I think is happening with the market and home prices in the Red Deer real estate market.
Note: I also track average home prices in other Central Alberta communities, and if you’d like more of this type of info or other local real estate news and stats please call or text (403) 350-7672 anytime, or email hello@blakeking.ca
The table below tracks the price average on detached homes and homes overall in Red Deer. It includes both the month-to-month average and the 6-month running average for both. And, the table below goes back 13 months so you can compare the most recent average to the price average of the same month a year earlier.
| Overall | ooo | Detached | |||
| Month | Average | 6-month avg. | Average | 6-month avg. | |
| June 2023 | $355,669 | $329,100 ⬆︎ | $416,944 | $396,094 ⬆︎ | |
| July 2023 | $338,026 | $338,135 ⬆︎ | $407,462 | $406,017 ⬆︎ | |
| Aug 2023 | $349,999 | $344,476 ⬆︎ | $426,810 | $414,130 ⬆︎ | |
| Sept 2023 | $362,642 | $349,381 ⬆︎ | $423,798 | $417,723 ⬆︎ | |
| Oct 2023 | $373,833 | $351,470 ⬆︎ | $437,079 | $420,998 ⬆︎ | |
| Nov 2023 | $338,206 | $353063 ⬆︎ | $407,722 | $419,969 ⬇︎ | |
| Dec 2023 | $325,802 | $348,085 ⬇︎ | $395,823 | $416,449 ⬇︎ | |
| Jan 2024 | $349,216 | $349,950 ⬆︎ | $411,907 | $417,190 ⬆︎ | |
| Feb 2024 | $340,114 | $348,302 ⬇︎ | $408,075 | $414,067 ⬇︎ | |
| Mar 2024 | $351,220 | $346,398 ⬇︎ | $442,659 | $417,210 ⬆︎ | |
| Apr 2024 | $391,178 | $349,289 ⬆︎ | $453,887 | $420,012 ⬆︎ | |
| May 2024 | $400,990 | $359,753 ⬆︎ | $479,995 | $432,058 ⬆︎ | |
| June 2024 | $369,736 | $367,076 ⬆︎ | $460,198 | $442,787 ⬆︎ |
Below is an up-to-date analysis focusing solely on the monthly statistics and 6-month averages for overall, detached, and attached properties:
Overall Market Trends
| Monthly Average (June 24): | $369,736 |
| 6-Month Average (June 23): | $329,100 |
| 6-Month Average (June 24): | $367,076 |
| Running Average, Annual Change: | ⬆︎ $37,976 (Up 11.5%) |
| Monthly Change: | ⬇︎ 7.8% |
| 6-Month Change: | ⬆︎ 2% |
Interpretation: The overall market’s 6-month average has increased by 11.5% compared to the same month a year earlier. This indicates a significant upward trend over the past year, with the last month’s 6-month running average particularly strong at 2%. These trends indicate strong demand outpacing supply, leading to competitive conditions where buyers face higher prices and sellers benefit from increased leverage.
Detached Properties
| Monthly Average (June 24): | $460,198 |
| 6-Month Running Average (June 23): | $396,094 |
| 6-Month Running Average (June 24): | $442,786 |
| 6-Month Running Average, annual change: | ⬆︎ $46,692 (12%) |
| Monthly Change: | ⬇︎ 4% |
| 6-Month Change: | ⬆︎ 2.5% |
Interpretation: The detached home market’s 6-month average has increased by 12% compared to the same month a year prior. This indicates a significant upward trend over the past year, with the last month’s growth being particularly strong at 2.5%. However, as with the stats overall, the monthly change could indicate a change of pace.
Attached Properties
| Monthly Average (June 24): | $259,821 |
| 6-Month Running Average (June 23): | $247,136 |
| 6-Month Running Average (June 24): | $256,792 |
| 6-Month Running Average, Annual Change: | ⬆︎ $9,656 (3.9%) |
| Monthly Change: | ⬇︎ 0.9% |
| 6-Month Change: | ⬆︎ 4.3% |
Interpretation: This still suggests a general upward trend in home prices over the past year, despite the recent monthly decline.
Conclusion
The decrease in prices for June 2024 across all segments could indicate the start of a correction. However, since both the 6-month and 12-month trends are still positive, it is too early to conclude that prices will continue to decrease without more data from subsequent months. If the downward trend continues in the coming months, it would signal a more definitive shift in the market dynamics. As of now, the data suggests a short-term fluctuation rather than a prolonged downturn.
Something to consider when analysing home prices
I’ve kept the paragraphs below because I think we’ll continue to see the sale of more affordable homes as time moves on. And it’s part of the reason the overall price average was lower recently.
Since the end of 2022, we’ve witnessed an interesting dynamic in the Red Deer market. It looks as though detached home prices are increasing while overall, prices look to be decreasing. It’s important to know what’s happening. We are seeing fewer detached homes selling and higher sales amongst more affordable attached homes.
If we look at the average price in each property segment we’d see prices gradually increasing in each segment. However because fewer detached homes are selling and more lower-priced homes are selling, the overall price average is lower.
For example, if 100 detached homes sell each month at an average price of $400,000, and 40 detached homes sell at an average price of $220,000, the overall average price that month would be $348,571.
But if you up the average sale price in both segments and sell fewer higher-priced homes and more lower-priced homes the overall price average could be lower. Imagine 70 detached homes selling at a higher average price of $410,000, and 70 attached homes also sold higher at $230,000, the overall average price would only be $320,000, lower, even after both averages increased.
Check back each month at iOnRealEstate.ca to see what Red Deer home prices are doing.
Blake King manages iOnRealEstate.ca, catering to Central Albertans eager to stay informed about the local real estate market. Access to more information enhances decision-making, and when dealing with an asset as significant as your home, it becomes crucial to strive for the best possible decisions! Feel free to call Blake King if you have any questions (403) 350-7672.
