Home sales in Richmond are largely following regional trends, with sales dropping and prices down marginally.
While a single-detached home in Richmond might not seem like a steal at $2,103,700 for a first-time homebuyer, this May benchmark price is 0.7 per cent lower than in April and 5.2 per cent lower than it would have sold for a year ago.
Townhouses and condos have also seen a year-over-year drop in prices.
The benchmark price in May for a Richmond townhouse was $1,123,700, down 3.9 per cent from May 2024.
And the benchmark price for a condo in Richmond was $720,400, which is 5.8 per cent lower than May 2024.
Real estate sales across the Lower Mainland were below the 10-year seasonal average, according to Andrew Lis, director of economics and data analytics at Greater Vancouver Realtors (GVR).
“On a year-to-date basis, sales in 2025 rank among the slowest to start the year in the past decade, closely mirroring the trends seen in 2019 and 2020,” Lis said in a press release.
“It’s worth noting that sales rebounded significantly in the latter half of 2020, but whether sales in 2025 might follow a similar pattern remains the million-dollar question.”
Lis said the market seems to be “tilting in favour of buyers” and with healthy inventories, “many sellers are adjusting price expectations.”
In May 2025, 62 detached homes, 44 townhouses, and 125 condos were sold in Richmond.
In May 2024, these numbers were 77, 70, and 151, respectively.
📣 Got an opinion on this story or any others in Richmond? Send us a letter or email your thoughts or story tips to [email protected].
📲 To stay updated on Richmond news, sign up for our daily headline newsletter.
💬 Words missing in article? Your adblocker might be preventing hyperlinked text from appearing.
