Red Deer home prices

Red Deer home price average

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.

OveralloooDetached
MonthAverage6-month avg.Average6-month avg.
Jan 2023$283,818$320,041 ⬇︎$347,922$378,826 ⬇︎
Feb 2023$311,949$315,557 ⬇︎$378,131$376,054 ⬇︎
Mar 2023$333,211$314,095 ⬇︎$402,240$374,947 ⬇︎
Apr 2023$361,296$320,820 ⬆︎$417,434$381,825 ⬆︎
May 2023$328,656$320,116 ⬇︎$413,892$386,523 ⬆︎
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 2004$349,216$349,950 ⬆︎$411,907$417,190 ⬆︎

Home prices overall in Red Deer

Month to month: The monthly home price average overall in Red Deer increased by 7.2% in January from December and it was enough to bump the 6-month running average up 0.5% in January.

The monthly average can vary substantially depending on whether a few higher or lower-priced homes sold that month, so the monthly average doesn’t give an accurate look at what the market’s doing. That’s why we look at the 6-month running average to get a more accurate read on what direction is trending.

Last month at the end of 2023 the monthly price average took a drop but the end of the year can show skewed results with less activity. This doesn’t mean the numbers in December are inaccurate, it just means that more data is required to assess a trend.

Year over year: Last month the monthly overall price average was 8% higher than the same month a year prior. This month the monthly overall price average is 23% higher. The current 6-month overall running average is 9.3% higher this January than last.

When examining the monthly average, it’s crucial to acknowledge that the average sale price tends to decrease at the end of each year and subsequently rise during the spring. This explains the observed dip in the 36-month chart during that seasonal period annually. Furthermore, it’s worth noting that this year could deviate from the established pattern, as elaborated in the chart below.

Detached home prices in Red Deer

Month to month: The monthly detached-home price average in Red Deer increased 4% in January after a -2.9 % drop in Dec. And the 4% jump was enough to move the 6-month running average up 0.2% (-0.84% drop in Dec).

Year over year: Last month the monthly detached home price average was 10% higher than the same month a year prior. This month the monthly detached home price average is 18% higher. The current 6-month overall running average is 10% higher this January compared to last.

The chart below gives readers a look at the 6-month running average both overall and for detached homes over the past 36 months. This gives a clear look at where home prices were and the direction they are taking in Red Deer and Central Alberta.

What’s the Red Deer market doing?

Inventory of homes for sale in Red Deer increased in January in each of the Central Alberta towns we track each month at iOnRealEtate.ca. In 3 of the smaller communities inventory jumped into the “buyer’s market” range. Is this a sign of what’s to come?

If inventory doesn’t increase too much prices will continue to increase in 2024. There is some talk of interest rates going down but it likely won’t be enough to impact sales much. This year we’ll probably see sales similar to 2023 but if higher inventory levels continue sales could be higher and prices could relax.

The 36-month chart above hints at a changing market over the last 8 months. Over the last couple of years, we’ve seen prices decrease gradually starting in June but since November 2022 prices have increased almost continually. They dipped in December but January showed some noticeably higher prices. We might not see the dip this year.

Something to consider when comparing home prices

I’ve kept the paragraphs below because I think we’ll continue to see the need and the sale of more affordable homes as time moves on. It’s also part of the reason prices are lower in the last couple of months.

We’re witnessing an interesting dynamic in the Red Deer market. It looks as though detached home prices are increasing while overall, prices are decreasing. But it’s important to know what is 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 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 of the higher-priced homes and more of the 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 realtor broker

Hosted by Blake King and Big Earth Realty. Blake continually monitors the Red Deer and Central Alberta real estate market to track changes and watch trends so he can help his clients make the most informed decisions, buying or selling. If you want to learn more about the local market and how Blake King, Broker/Realtor® uses his market knowledge to help his clients earn more when selling and get the best deals buying, call or message anytime at (403) 350-7672 or email hello@blakeking.ca.