Home prices continued to rise in Lethbridge in September 2024. (Photo: Monkeybusinessimages | Dreamstime.com)

By David Opinko

Lethbridge home prices among fastest-rising in Alberta

Oct 8, 2024 | 9:53 AM

Lethbridge continues to see a high rate of growth for home prices.

That is according to data from the Alberta Real Estate Association (AREA), which has released its market statistics for August 2024.

They say the average cost to buy a residential property of any type in the province was $494,920, rising by 11.1 per cent over the past year.

That average was held up by Calgary, which was the only city above that amount at $556,000 while Medicine Hat was the cheapest at $341,632.

Lethbridge was the most expensive mid-sized community with properties selling for $392,837. That represents an annual increase of 12.6 per cent, the second-highest in the province behind Calgary.

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Detached homes increased in price by 17.4 per cent to $447,509 and row homes went up by 12.2 per cent to $319,186.

Apartments became 4.3 per cent more expensive and now cost around $190,254.

Semi-detached homes were the only type to get cheaper, falling by 2.7 per cent to $345,221.

In Lethbridge, 219 new listings were added to the market in August while 195 sales closed.

There was a total of 1.85 months worth of supply, meaning that if homes kept selling at the current rate and no new ones were listed, it would take that amount of time to clear out the entire market. A supply of this level means Lethbridge is firmly in a seller’s market.

Annual changes in home prices in Lethbridge. (Photo: AREA / LNN)

Home prices in Alberta for August 2024. (Photo: AREA / LNN)

Annual change in home prices in Alberta for August 2024. (Photo: AREA / LNN)

Detached home prices in Alberta for August 2024. (Photo: AREA / LNN)

Semi-detached home prices in Alberta for August 2024. (Photo: AREA / LNN)

Row home prices in Alberta for August 2024. (Photo: AREA / LNN)

Apartment prices in Alberta for August 2024. (Photo: AREA / LNN)

The full market statistics report can be read on the AREA website.

READ MORE: Lethbridge continues to see high growth in rent prices

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