The real estate market in Richmond Hill has shown some interesting trends over the past 12 months. In the most recent month of November 2024, the average property sale price decreased by 0.37% compared to the previous month, but increased by 3.08% compared to the same month last year. This suggests a slight cooling off in the market in the short term, but overall prices have continued to rise steadily over the past year. The sales volume has also fluctuated, with 174 properties sold in November, down from 217 in October and 221 in April. This indicates some seasonality in the market, with fewer sales in the fall compared to the spring and summer months.

Additionally, the average days on market has remained relatively stable around 26-31 days over the past year, indicating a balanced market where properties are selling within a reasonable timeframe. The sales price to list price ratio has also remained strong at around 97-100%, showing that sellers are still able to achieve close to their asking price. The benchmark price has decreased by 2.79% over the past three months and 5.58% over the past six months, suggesting a slight correction in prices after a period of rapid growth. Overall, the data indicates a balanced market in Richmond Hill with steady price growth and consistent sales activity.

Read the full article on: Toronto Regional Real Estate Board