Richmond Hill Freehold Market Report - Oct 2020

Richmond Hill Freehold Market Report - Oct 2020

Richmond Hill Freehold Market Report - Oct 2020

In Oct 2020, Richmond Hill's freehold housing market remains a seller's market in the Great Toronto Area. Even though the overall average price drops by 1%, each segment's average price increased as less expensive houses, such as town and semi, sold more than in previous months.

The average price of the freehold Town, Semi and Link houses is up 2.4% from the previous month, now $970K. The number of units sold declined by 1.2%, while new listings contracted by 31%. The sharp declines in supplies amid constant demands mean the market will face upward pressure in the winter months.

The average price of detached houses was up by around 3.4% in Oct 2020. Approximately 65% of total freehold units sold in Richmond Hill last month are Detached houses, down 7% against previous month. If you plan to buy a detached house in Richmond Hill, you will need to spend an average of $1.57M. With the winter months coming, the market will become slower as new listings and sold listings will decrease in the following months. But the price will remain steady, given many buyers moving away from the downtown core to seek a more spacious and safer dwelling due to the COV-19 pandemic.

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