Richmond Hill Housing Market Report - May 2021

Richmond Hill Housing Market Report - May 2021

Richmond Hill Housing Market Report - May 2021

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The Freehold Detached slowed, but the Attached Housing market is still strong in May.

Freehold Attached Market

The freehold attached houses' average price, including town, semi, and link houses, was down 4.1% from the previous month, up 15.1% from the same month last year. The average time to sell this type of home is around 12.5 Days. The current month of inventory of Attached houses in Richmond Hill is about 1. Therefore, this segment of housing is currently in a Strong Seller's Market.

Freehold Detached Market

The average price of detached houses was down 2.5% from the previous month, up 24.6% from the same month last year. Approximately 62.5% of total freehold units sold in Richmond Hill last month are Detached houses. If you plan to buy a detached home in Richmond Hill, you will need to spend an average of $1.8M. The current month of inventory of detached dwellings in Richmond Hill is around 2.68. Both new listings and sold listings are down this month, with the sold listings dropped faster at 19%, indicating a softer market in the following month. With the new mortgage stress test rule effective on June 1st, buyers will qualify less on the mortgage to purchase a home. The reduced buyer's affordability could impact the market in the coming months.

Condo Market

The average price of the condo increased 1% compared to April, but up 20% v.s. last May. Demand for apartment with larger spaces is very solid.

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.