Richmond, BC real estate market update: what buyers and sellers need to know

If you're thinking about buying or selling in Richmond this fall, here's where things stand. Inventory has grown, price growth has cooled, and buyers are finding more room to negotiate than they have in some time. Here's a closer look at the numbers and what they mean for you.

Overall market: a buyer's market

Richmond is currently trending toward a buyer's market across all property types. With roughly 2,000 active listings and around 108 sales in the past 30 days, the absorption rate sits near 5%, meaning only a small share of available homes are selling each month. The average sold price is close to $936,000, down roughly 9% from the 90-day average, and homes are taking about 44 days to sell.

For buyers, this shift means more selection and more negotiating power than the market has offered recently. For sellers, it's a reminder that pricing strategy and presentation matter more when competition is higher.

Detached homes: more listings, steady pricing

The detached home segment tells a slightly different story. Around 700 houses are currently listed, with roughly 22 sales in the last 30 days and an absorption rate near 3%. Average sold prices are holding closer to $1.85 million, essentially flat to slightly up compared to the recent 90-day average, even as days on market stretch to around 45.

In other words, well-priced, well-presented single-family homes are still finding buyers, even though overall competition has eased.

What this means if you're buying

• You have more time to research neighbourhoods and compare options before committing.
• There's more room to negotiate on price, closing dates, and conditions.
• Pre-approval and a clear sense of your budget still matter in a market that can shift quickly.

What this means if you're selling

• Accurate pricing from day one is more important than ever; overpricing in a buyer's market often leads to longer days on market.
• Presentation, professional photography, and staging can help your home stand out among more listings.
• Flexibility on conditions and timelines can make your property more attractive to cautious buyers.

Thinking about your next move?

Every property and every situation is different, and market-wide numbers only tell part of the story. If you'd like a personalized read on your street, your home's value, or your buying options in today's Richmond market, reach out and let's talk it through.

Market data referenced above reflects recent MLS® board statistics for Richmond, BC and is subject to change. This information is deemed reliable but is not guaranteed to be accurate; please consult directly for the most current figures.