Richmond Hill market report · October 2024
Richmond Hill housing market: October 2024
Richmond Hill housing market in October 2024: $1,526,545 average sale price (up 12.7% year over year), 217 homes sold, 3.9 months of supply — a balanced market. Figures from the Toronto Regional Real Estate Board.
What happened in Richmond Hill in October 2024
Richmond Hill recorded 217 sales in October 2024, 40.0% more than the same month a year earlier. Sellers brought 511 new listings to market, leaving 888 properties in inventory — 37.9% more than a year ago. At the month's pace of sales that is 3.9 months of supply, which puts Richmond Hill in a balanced market. 37% of the month's new listings sold.
The average sale price across all property types was $1,526,545, up 12.7% year over year and up 11.8% on the month. Detached homes averaged $2,010,919 against $636,424 for condo apartments — the gap that decides which side of the $1.5 million insured-financing cap a purchase here falls on.
The two years to October 2024
By property type
| Type | Average sale price | YoY | Sold | New listings | Inventory |
|---|---|---|---|---|---|
| Detached | $2,010,919 | +8.6% | 118 | 252 | 471 |
| Semi-detached | $1,146,504 | +6.7% | 12 | 31 | 41 |
| Row / townhouse | $1,232,160 | -0.3% | 38 | 95 | 132 |
| Apartment | $636,424 | -2.3% | 42 | 107 | 192 |
| All types | $1,526,545 | +12.7% | 217 | 511 | 888 |
Source: the Toronto Regional Real Estate Board, Richmond Hill, October 2024.
What this means if you're buying in Richmond Hill
Market conditions shape the negotiation; your income, debts and the stress test decide what you can actually borrow. Like the rest of central York, detached purchases here often sit at or above the $1.5 million line, so the down-payment jump from roughly $125,000 to $300,000 as you cross it is the single most important number to establish before you start looking. Properties backing onto the Oak Ridges Moraine or a conservation area can also carry development and environmental restrictions that affect appraisal — worth checking early where the lot is unusual.
Read the full Richmond Hill area guide, compare it with the wider GTA market, or run your numbers and start an application.
Buying in Richmond Hill?
Get a real pre-approval before you shop — it's the difference between a budget and a guess.