EDINBURGH ESTATE AGENCY MARKET UPDATE – JULY 2024
The residential sales market in Edinburgh has quietened down in July, as it always does at this time of year, coinciding with the school holidays. The average daily views per property on Rightmove was sitting at 70-80/day over the Spring but this has dropped to just over 60 views per day over the past month.
Our Edinburgh estate agency team experienced a drop of enquiries in July however we still achieved a number of successes during the month including 7 homes going under offer ranging from a first time buyer flats in Broughton, Leith Walk and Gorgie to successful closing dates at 2 large family homes.
It is a competitive market for sellers, with 35% more properties on the market than this time last year, which has resulted in the average time to sell a property increasing from 19 days in 2023 to an average of 23 days in 2024. Values are holding up well with an average price paid over 2% above valuation across the city. Umega’s average price achieved is currently sitting at 3% above valuation.
The market continues to function well and properties are selling. Sellers just need to be prepared to be patient and should expect offers close to valuation in most circumstances. We expect buyers to re-enter the market in August after the summer lull, as they do each year, so now is a great time to begin taking steps to list your property if you plan to sell your home this year.