Everything About Richmond Hill's Housing Market in Early 2025

Richmond Hill is one of the most varied housing markets in the GTA. Almost any type of home you want, you can find a good example of it here. So the question I want to answer is simple: how did Richmond Hill's market do in the first quarter of 2025? How did condos hold up, and how did townhouses and detached homes sell?

Richmond Hill has many different communities, with everything from expensive estate homes to well positioned condos that make good investments. Let me walk through the numbers by product type.

Condos in Richmond Hill

In the first quarter of 2025, 90 condo units sold in south Richmond Hill, a 34 percent drop from the same period last year. Because this is a suburban area, there are basically no studios, so the entry point is the one bedroom. Of those sales, 17 one bedrooms sold at a median of about $550,000, 31 one bed plus den at $579,000, 37 two bedrooms at $687,000, and 6 three bedrooms at $693,500. Five of those six three bedrooms were in buildings around 50 years old, which is why they are not far off the two bedroom prices. One thing worth noting: the gap between a one and two bedroom is about $280,000 in downtown Toronto and $260,000 in North York, but only about $180,000 in Richmond Hill, thanks to a lower price per square foot. On inventory, one bedrooms sit near 5 months, one bed plus den near 6 months, two bedrooms near 7 months, and three bedrooms near 4.5 months. Here the one bedroom has the most demand, the opposite of downtown, because these buyers are more price sensitive, often first timers or people buying for retirement.

Townhouses and semis

I group condo townhouses, freehold townhouses, and semi detached together. In Q1 2025, only 23 sold in south Richmond Hill, a 36 percent drop from last year. Breaking it down: 8 condo townhouses at a median of $948,000, 12 freehold townhouses at $1,016,000, and just 3 semis at $1,240,000. In a lower density suburb, the freehold townhouse is naturally the favorite since it offers more space with no maintenance fees. Inventory sits near 10 months for condo townhouses, 7.5 months for freehold, and just 2 months for semis, which makes semis a product that is hard to compare with the rest. One freehold townhouse we brought to market sits in the Oak Ridges area, a 3 bedroom under 5 years old, 2,287 square feet with no basement, priced at $1,099,000.

Detached homes

For detached homes, the numbers show 47 sold in Q1 2025, a 24 percent drop year over year, with a median of $1,005,000. Inventory sits at roughly a year, which is a completely one sided market for buyers. In a slow market with high interest rates, buying an expensive home is not for everyone, and those who have the money are waiting to see how far rates fall. Everyone is being cautious, so turnover is low.

How to buy well in this market

This is often exactly the kind of market where you can make a great purchase. Everyone is standing back to see what happens, then one buyer steps in with an offer and can pick up a home at a very good price, sometimes with a discount of a few hundred thousand dollars. Richmond Hill is one of the places where I have sold every type of home and condo, and I am grateful my clients have been happy with their choices. If you want more detail on this market, fill out the form at the bottom of this page or book a free consultation. Stay well and take care.