Richmond Hill Housing Market Report

Richmond Hill housing market overview

The average home price in Richmond Hill was $1,434,225 — a 4.06% year-over-year decrease.
The median home price in Richmond Hill was $1,250,000 — a 8.09% year-over-year decrease.
The average detached home price increased 2.29% year-over-year to $2,132,535
The average semi-detached home price decreased 1.08% year-over-year to $1,172,200
The average condo townhouse home price decreased 16.83% year-over-year to $810,117
The average condo apartment home price decreased 7.38% year-over-year to $619,291

Average Home Price Trends
Important Market Metrics
Historical Home Prices
Home Price by Property Type

Average home price trends

The average home price across all property types in Richmond Hill was $1,434,225. Home prices have decreased 4.06% year-over-year compared to the average home price of $1,494,985 the prior year. The average home price across all property types saw a 5.37% month-over-month increase from the average home price of $1,361,145 the prior month. Here is how the average home price has changed across property types.

Property Type	Average	M/M	Y/Y
Detached	$2,132,535	+11.89%	+2.29%
Semi-Detached	$1,172,200	-1.71%	-1.08%
Condo Townhouse	$810,117	-17.03%	-16.83%
Condo Apartment	$619,291	-4.30%	-7.38%

Important Market Metrics

Sales

Total sales in Richmond Hill were 159 which is a 1.24% decrease from 161 sales the prior year. Here is how the sales are broken down by property type:

Detached: 68 — a 12.82% Y/Y decrease
Semi-Detached: 5 — a 16.67% Y/Y decrease
Condo Townhouse: 6 — a 14.29% Y/Y decrease
Condo Apartment: 41 — a 2.38% Y/Y decrease

Inventory

The housing inventory in Richmond Hill is 3.7 months which is up from 3.6 months of inventory the prior month and 2.3 months the prior year. Housing inventory in August 2024 is much higher than the historical 5-year average which is 2.44 months of inventory.

Listings

Richmond Hill had total new listings of 411 which is a 4.05% Y/Y increase and 23.46% M/M decrease.

Sales-to-new-Listings Ratio

The sales-to-new listing ratio is an important metric as it helps us to understand the balance of supply and demand in the housing market which helps determine who has the majority of negotiating power in the housing market. The sales-to-new-listings ratio (SNLR) in Richmond Hill was 36.60% in August 2024. The SNLR indicates a buyers market with a SNLR ratio that is below 40%.

Home prices in Richmond Hill

Prices and statistics are updated for August 2024

All property types

The highest historical average home price in Richmond Hill was $1,617,183 in January 2022. The highest historical median home price was also in January 2022 which was $1,550,000.

Stat	August 2024	Y/Y Change
Average Price	$1,434,225	-4.06%
Median Price	$1,250,000	-8.09%
Sales	159	-1.24%
New Listings	411	+4.05%
Active Listings	803	+47.07%

Single-family detached home prices in Richmond Hill

Stat	August 2024	Y/Y Change
Average Price	$2,132,535	+2.29%
Median Price	$1,772,500	-2.88%
Sales	68	-12.82%
New Listings	411	+4.05%
Active Listings	803	+47.07%

Semi-detached home prices in Richmond Hill

Stat	August 2024	Y/Y Change
Average Price	$1,172,200	-1.08%
Median Price	$1,223,000	+8.23%
Sales	5	-16.67%
New Listings	25	+19.05%
Active Listings	28	+12.00%

Condo townhouse prices in Richmond Hill

Stat	August 2024	Y/Y Change
Average Price	$810,117	-16.83%
Median Price	$791,500	-14.89%
Sales	6	-14.29%
New Listings	21	-4.55%
Active Listings	44	+62.96%

Condo prices in Richmond Hill

Stat	August 2024	Y/Y Change
Average Price	$619,291	-7.38%
Median Price	$610,000	-6.01%
Sales	41	-2.38%
New Listings	96	-2.04%
Active Listings	201	+55.81%

Canada Housing Markets

See the housing markets in Canada broken down at a national, provincial and city level with the following reports

source: TREB