Richmond Hill Freehold Market Report - Nov 2020

Richmond Hill Freehold Market Report - Nov 2020

Richmond Hill Freehold Market Report - Nov 2020

In Nov 2020, Richmond Hill's freehold housing market remains a seller's market in the Great Toronto Area. The overall average price was increased by 3.7%.

The freehold attached houses' average price, including town, semi, and link houses, was up 1.8% from the previous month, now $960K. The number of units sold declined by 34.5% due to fewer stocks in the winter months as new listings contracted by 34%. This segment of housing is currently a solid seller's market.

The average price of detached houses was up by around 1.3% in Nov 2020. Approximately 71% of total freehold units sold in Richmond Hill last month are Detached houses. If you plan to buy a detached house in Richmond Hill, you will need to spend an average of $1.59M. As the market entered into the winter months, both new listings and sold listings drop. Given the new listings dropped by 32%, the detached housing market price will remain strong. With the news that the COV-19 vaccine will be starting to roll out in Canada early next year, and many pending immigrants will finally land in Toronto, we expect a robust market next spring.

If you plan to move to Richmond Hill or you want to learn more about real estate investment opportunities in Richmond Hill, please contact Richmond Hill real estate agent Realtor Alan Zheng at 647-877-9311.