Over the past 12 months, the average sold price in Richmond Hill has seen notable fluctuations. Comparing April 2025 to April 2024, the average price has dropped from approximately $1,483,000 to around $1,302,000, reflecting a year-over-year decline of roughly 12% and a one-year price change of -5.75% as indicated by the HPI data. This downward pressure suggests that buyers currently have more negotiating power, even as long-term trends (with gains of 31.37% over five years and 66.6% over ten years) underscore the inherent strength of the market over extended periods. These pricing fluctuations mean that agents should advise clients on the importance of timing in transactions and the potential benefits of waiting for market adjustments when conditions favor sellers.',

The market supply and demand dynamics have also shifted recently. Sales numbers in recent months have trended lower relative to new and active listings, with the latest data from April 2025 showing 159 sales against 632 new listings and 1,045 active listings, resulting in a months-of-inventory figure of 6.57 and an average of 26 days on market. This pattern indicates a softer, more balanced market framework where higher inventory levels and increased days on market tend to dampen competitive bidding, potentially leading to further downward pressure on prices in the short term. Real estate agents can leverage these insights by guiding sellers on pricing strategies to attract buyers in a buyer-friendly market and advising buyers on the potential for negotiation and value acquisition.

Read the full article on: Toronto Regional Real Estate Board