The real estate market in Richmond Hill for all property types has shown a slight increase in the average sale price from the previous month, with the average price reaching $1,415,590 in March 2024. This represents a 0.03% increase compared to February 2024, and a 1.53% increase compared to March 2023. The number of properties sold also increased from 182 in February 2024 to 199 in March 2024, indicating a growing demand in the market. The average days on market decreased from 26 days to 20 days, suggesting properties are selling faster in the current market.

The sales price to list price ratio remained relatively stable at 106% in March 2024, indicating that properties are still selling above the listing price on average. The months of inventory decreased slightly from 2.09 in February 2024 to 2.35 in March 2024, showing a balanced market between buyers and sellers. Overall, the data suggests a healthy and active real estate market in Richmond Hill, with increasing average sale prices and sales volume, as well as a stable sales price to list price ratio.

Read the full article on: Toronto Regional Real Estate Board