Over the past 12 months, Richmond Hill’s average sold prices have experienced fluctuations that signal a more tempered market compared to previous periods. The latest data from February 2025 shows an average sold price of approximately $1.33 million, representing a notable year-over-year decline from February 2024’s figure of about $1.42 million. Although the HPI Benchmark price stands at around $1.41 million with positive short-term (1.36%) and highly impressive long-term (81.02% over 10 years) gains, the recent downward shift in sold prices reflects short-term adjustments. This suggests that while long-term pricing fundamentals remain robust, current market conditions require a more cautious approach regarding price expectations and negotiations with both buyers and sellers.

In terms of market supply and demand, the balance appears to be shifting. Recent months show a growing gap between new listings and sales, with February 2025 recording 437 new listings against 126 sales, an increase in months of inventory to nearly 6 months, and an average DOM of 31 days. Compared to earlier periods where DOM and months on inventory were significantly lower — indicating a more competitive market — these current indicators suggest a pace that may allow buyers more time to consider their options. Real estate agents can use these insights to advise clients on the potential benefits of strategic pricing and marketing, positioning themselves to take advantage of increased inventory levels and negotiate in an environment that is becoming less aggressive than in the past.

Read the full article on: Toronto Regional Real Estate Board