Lethbridge Real Estate Market Update - April 2023

Lethbridge Real Estate Market Update - April 2023

Welcome to the Compass Team's real estate market update for April 2023 in Lethbridge, Alberta. As always, we are committed to providing the most accurate and up-to-date information about the local housing market, so potential buyers and sellers can make informed decisions.

Compared to March 2023, the average home price in Lethbridge decreased slightly to $335,257. However, the average detached home price increased to $375,009, while the average semi-detached home price decreased to $259,061. The average townhouse price also decreased to $260,838, and the average apartment price saw a significant decrease to $182,536.

The average days on market remained the same at 65 days, but the average list to sold ratio increased to 98.4%. In April 2023, there were 222 new listings to the market, and the current listings were 446. The total number of sold listings was 182, with a value of real estate sold at $61,016,820. The months of supply remained low at 2.

Compared to April 2022, the average home price decreased from $348,496 to $335,257. However, the average list to sold ratio decreased from 99.6% to 98.4%. Despite the decrease in average home price, the Lethbridge housing market remains strong and stable.

When compared to Calgary, Edmonton, and the rest of Alberta, Lethbridge offers more affordable housing options. The average home price in Calgary is $550,048, which is 64.1% higher than Lethbridge. Similarly, the average detached home price in Calgary is $729,870, which is 94.6% higher than Lethbridge. Edmonton's average home price is $389,080, which is 16.1% higher than Lethbridge. The average detached home price in Edmonton is $493,421, which is 31.6% higher than Lethbridge. Finally, Alberta's average home price is $465,443, which is 38.8% higher than Lethbridge. The average detached home price in Alberta is $547,794, which is 46.1% higher than Lethbridge.

In addition to the more affordable housing options, Lethbridge is also a better place to move due to its excellent quality of life, lower cost of living, and various amenities. With a vibrant culture, exceptional healthcare facilities, and world-class educational institutions, Lethbridge is an ideal place to raise a family or retire.

In conclusion, the Lethbridge real estate market remains strong, stable, and affordable, making it an ideal place for potential buyers and sellers. If you are looking to buy or sell a home in Lethbridge, please don't hesitate to contact the Compass Team for expert advice and guidance.