Yellowknife’s 2024 Real Estate Market: Strong Sales Growth and Rising Prices
Here are the 2024 Year End & Q4 2024 Yellowknife Real Estate Market Stats:
In 2024 we saw a total of 268 Yellowknife home sales take place, 13% more than 2023. Average YK price of sold homes in 2024 was $516,305, a 6% increase from 2023. In total, we saw 292 new listings on the market & average time of 53 Days On Market for homes sold.
We can see a significant rise in homes sold in the fourth quarter of 2024 being that there was a 31% increase in homes sold year over year during the 4th quarter. This is likely due to reduced interest rates which began dropping in the summer of last year. This increased buyer activity in the last 3 months of 2024 drove average sale prices year over year to rise 17% for the fourth quarter with only a very small increase in listing activity during that time.
What does this signify? With an increase in buyer activity in the final months of 2024 but inventory of new listings remaining low we could see an early start to the spring buying season as unsatisfied buyer demand remains through the winter. Price increases in Q4 could carry on through to Q1-Q2 2025 driven even more by lower interest rates as more buyers attempt to enter the market.
Advice for entering the market in 2025:
- Get a pre-approval from a trusted mortgage lender/broker
- Start your home search with a realtor who can assist in finding what you want & getting access to properties having caught your eye
- Budget & save for that down payment
- Sellers: This spring is going to be busy. Get your home ready & start working with a realtor so you can time your listings entrance to the market accordingly so as to take advantage of the pent up buyer demand
- Sellers: Keep your homes price competitive, review comparable listings & keep in mind what buyers are looking for. Complete small cosmetic repairs, clean, remove rubbish and list your home with Yellowknifes Top Selling brokerage Coldwell Banker Northern Bestsellers LTD.