Welcome to all Richmond residents and real estate enthusiasts! We’re thrilled to present the latest Richmond real estate market report for December 2023. In this month’s report, we delve into the key statistics that will keep you informed about the current state of the unique housing market in Richmond.
Property Prices
The average sale price for a detached single-family home in December 2023 for Richmond has been recorded at $720,000. As of now, a comparison to last year’s price for December 2022 isn’t available.
Days to Sell
The average time on the market in Richmond for December was 58 days. Unfortunately, how this measures up to last year’s days on the market in December 2022 is currently not available. However, comparing to 5 years ago in December 2018, the average Days to Sell was 55, unveiling a slight increase of +3 days in five years.
Properties Sold
In December 2023, there were 1 properties sold. Compared to 5 years ago, in December 2018, there were 3 properties sold, exhibiting a notable decrease of -66.7% over the five-year period.
Long-Term Market Growth
In the last five years, sale prices have witnessed a striking surge of $261,938 from 2018 to the current average sales price of $720,000 in December 2023. This denotes an increase of +57.2% in property prices for detached single-family homes in Richmond.
Moreover, the average sales price change for different home types from 2018 to December 2023 varied widely. For detached single-family homes, the increase was $261,938 (+57.2%), for bungalows, it was $56,301 (+13.0%), for 2-storeys the growth was $211,943 (+41.7%) while the row/town homes experienced a dip of -$29,500 (-8.1%).
Richmond vs Ottawa
When we look at the broader municipality of Ottawa, we see intriguing contrasts. In December 2023, the average sale price for a detached single-family home in Ottawa was $808,874. That’s +12.3% higher than Richmond’s average single-family home price of $720,000.
Posted Mortgage Rates
As of November 29, 2023, the posted mortgage rates for various tenure are as follows: for a 1-Year term, it is 8.09%, for a 3-Year term, it is 7.24%, and for a 5-Year term, it is 7.04%.
Conclusion
Deciphering these numbers, we can conclude that Richmond’s real estate market has experienced significant growth over the past five years, with an impressive increase in property prices, particularly for detached single-family homes. Despite a slowdown in properties sold, the city continues to maintain its upward trajectory and also hold its own while being compared to the broader municipality of Ottawa.
All real estate statistics have been obtained from data reported by the Ottawa Real Estate Board’s MLS System. We have curated our search criteria to ensure more accurate stats for smaller regions of Ottawa. All figures are believed accurate but may not be guaranteed – we are human after all!
