Single-family home prices in Lethbridge rose by more than 15 per cent over the last year. (Photo: Lethbridge News Now)

By David Opinko

Lethbridge single-family home prices rise, other housing types fall

Apr 22, 2024 | 9:37 AM

LETHBRIDGE, AB – Home prices in Lethbridge are fluctuating, depending on what type of housing you are looking for.

The Alberta Real Estate Association (AREA) has released its Market Trend Summary for March 2024.

Between all forms of residential properties, prices averaged $366,816 in the city, an increase of 7.6 per cent compared to the same time last year.

The upwards trend in prices was driven by detached homes, which rose by 15.5 per cent to $426,696. However, it was the only form of housing to see annual price tags go up.

The average cost to buy a semi-detached house fell by 13.6 per cent over the last year to $296,150, while row homes fell by 5.4 per cent to $257,900 and apartments dropped by 13.7 per cent to $179,000.

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The has been an 18 per cent boost in the number of real estate transactions to 7,451, while new listings have been relatively stable.

That has led to the availability of homes in Lethbridge declining by 36 per cent. As of March, there was only 1.61 months of supply left, meaning the city is firmly in a seller’s market.

Housing prices in Lethbridge as of March 2024. (Credit: Alberta Real Estate Association / Pattison Media)

Housing in Lethbridge remains more affordable than the provincial average, though, as Albertans overall can expect to pay an average of $497,473 between all property types.

Calgary is the most expensive city in Alberta as homes (all types) sell for an average of $597,300. Grande Prairie, on the other hand, is the cheapest at $328,380.

Average home prices (all types) in Alberta as of March 2024. (Credit: Alberta Real Estate Association / Pattison Media)

Average home prices (detached homes) in Alberta as of March 2024. (Credit: Alberta Real Estate Association / Pattison Media)

Average home prices (semi-detached homes) in Alberta as of March 2024. (Credit: Alberta Real Estate Association / Pattison Media)

Average home prices (row homes) in Alberta as of March 2024. (Credit: Alberta Real Estate Association / Pattison Media)

Average home prices (apartments) in Alberta as of March 2024. (Credit: Alberta Real Estate Association / Pattison Media)

The full report on housing prices across Alberta can be found on the AREA website.

READ MORE: Lethbridge News Now

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