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Current: Richmond is in a Buyer's market. with average Listings, 8 % SOLD rate and a 97% Sell/List Ratio.
(This means that there is an average of $60,000 Discount on a sale from the original list price)
Most Active Range: Homes below $1.65 mill. have 15.9 %SOLD rate.
Least Active Range: Homes above $4.0 mill have 3.2 %SOLD rate.
History: The Richmond Year-To-Date Home Price Index HPIp (Top 50%) shows that prices increased $74,944.
The Richmond Year-To-Date Home Price Index HPIp (Lower 50%) shows that prices increased $74,372.
*The HPIp (Home Price Index) is an approximate reflection of the Average Home Price Changes.
Forecast: Richmond has 416 homes are for sale and with the 8 %SOLD monthly rate gives us a ~13 months of inventory. 6% of the active listings have reduced their price by $114,165 on average or $100,000 median for the last month. We project Richmond now to be in a Buyer's market.
Greater Vancouver February 2025:
In February, 51% of detached homes in Greater Vancouver lost value. The average price for single-family homes dropped by $4,022, reversing the $7,510 increase from January.
The Chinese New Year (January 29th) often leads to a boost in buying activity. This year, money did come in, but not as much as in previous years.
On one hand, buyers are encouraged by recent drops in interest rates. However, there’s also some uncertainty as we wait for the Federal election, which could give the new government more power to negotiate with the U.S. on tariffs.
Even with these factors, the Metro Vancouver market is expected to stay stable.
Condo and townhouse prices are also dropping, with averages of $1,331 and $3,677, respectively. These markets are expected to remain steady until late spring.
For updates, visit VancouverMarketReports.com every Saturday at noon to see which areas in the Lower Mainland are gaining or losing value. For your Free Home Market Analysis and expert advice on your neighborhood, contact Bill Coughlin and the Coughlin Team at 778-374-3744.
Fraser Valley February 2025:
In February, 67% of detached homes in Fraser Valley saw a small drop in value. The average price for single-family homes fell by $5,136, reversing the $1,565 increase from January.
The Chinese New Year (January 29th) usually leads to a rise in buying activity. This year, money did come in, but not as much as in previous years. The Fraser Valley benefits when Vancouver is busy, as some buyers move outward.
On one hand, buyers are encouraged by recent drops in interest rates. However, there is some uncertainty as we wait for the results of the Federal election, which could give the new government more power to negotiate upcoming American tariffs.
Even with these factors, the Fraser Valley detached market is expected to stay stable.
Condo and townhouse prices are also falling, with averages of $5,554 and $61, respectively. These markets are expected to stay steady until late spring.
For updates, visit VancouverMarketReports.com every Saturday at noon to see which areas in the Lower Mainland are gaining or losing value. For your Free Home Market Analysis and expert advice on your neighborhood, contact Bill Coughlin and the Coughlin Team at 778-374-3744.
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