A new report details housing prices in several Alberta communities, including Lethbridge, as of December 2023. (Photo: Feverpitched | Dreamstime.com)

By David Opinko

Detached home prices in Lethbridge climb to $429,000 in December

Jan 22, 2024 | 9:41 AM

LETHBRIDGE, AB – A new report confirms that home prices are continuing to rise in Lethbridge.

That is according to the Alberta Real Estate Association (AREA), which has released its Monthly Statistics report for December 2023.

It said 1,864 homes sold in the city in 2023, which is down nearly nine per cent compared to 2022. The decline was led by a drop in sales for detached homes.

However, residential transactions still outperformed the long-term trends in Lethbridge.

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The AREA reports that the average price for all housing types in Lethbridge was $362,083 in December, up 3.8 per cent year-over-year.

There were two areas in which local prices saw much bigger jumps, in detached and semi-detached homes.

The typical price for a detached house was $429,333, an increase of 14.7 per cent from the same time one year ago. Semi-detached homes rose by 47.5 per cent to $315,571.

Row homes dropped in price by 11 per cent to $220,906 while apartments were priced at $221,183, down 6.1 per cent.

The most common price range for homes sold in Lethbridge in 2023 was $300,000-$399,999, while it was $200,000-$299,999 the year prior.

There is around four months of supply in the local housing market, meaning that if homes continued to sell at the current rate and no additional homes were listed, it would take four months to sell all of them.

That would put the city into a slight seller’s market.

The charts below show the average prices for different types of houses in select Alberta communities:

Prices for all types of homes in Alberta, December 2023. (Source: Alberta Real Estate Association)

Prices for detached homes in Alberta, December 2023. (Source: Alberta Real Estate Association)

Prices for semi-detached homes in Alberta, December 2023. (Source: Alberta Real Estate Association)

Prices for row homes in Alberta, December 2023. (Source: Alberta Real Estate Association)

Prices for apartments in Alberta, December 2023. (Source: Alberta Real Estate Association)

More details from the Monthly Statistics reports can be found on the AREA website.

READ MORE: Lethbridge News Now

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