Richmond Home Sales Ease as Prices Adjust

Selling Your Home| Market Updates| Buying a Home
June 04, 2025•2 min read

Is the Market Shifting in Your Favour?

Richmond’s real estate market is continuing to follow the broader trend we’re seeing across Greater Vancouver: sales activity is slowing, and prices are gradually softening. Now, $2.1 million might not sound like a bargain for a detached home—but that’s the current benchmark price in Richmond as of May 2025. While it’s still a significant number, it’s also a slightly better one for buyers than we saw a month ago. Detached prices are down 0.7% from April and 5.2% compared to this time last year. We’re seeing the same trend with townhomes and condos. The benchmark price for a Richmond townhouse in May was $1,123,700, marking a 3.9% drop year-over-year. Condos came in at $720,400—down 5.8% from May 2024. Sales volumes are also lower than we’re used to for this time of year. According to Greater Vancouver Realtors, activity across the Lower Mainland is below the 10-year seasonal average. In Richmond specifically, we saw 62 detached homes, 44 townhouses, and 125 condos sell in May. Compare that to May 2024, when we had 77, 70, and 151 sales in those categories. So what does it all mean? As GVR’s director of economics Andrew Lis put it, “the market seems to be tilting in favour of buyers.” Inventory is healthy, and many sellers are adjusting their price expectations to stay competitive. This kind of shift can be a great window of opportunity—whether you're looking to make a move, cash out at today’s still-strong values, or simply better understand your home’s position in the current market. If you’re wondering what your property might sell for today—or how to best position your home for this changing landscape—I’d be happy to walk you through the numbers and strategy. Let’s chat. If you're navigating this dynamic market, whether buying or selling, let's talk strategy. Our team can guide you through the most efficient processes, aiming to save you time, money, and hassle. Contact us today, and let's make your real estate journey successful! Source: Michael Cowling

Richmond’s real estate market is continuing to follow the broader trend we’re seeing across Greater Vancouver: sales activity is slowing, and prices are gradually softening.

Now, $2.1 million might not sound like a bargain for a detached home—but that’s the current benchmark price in Richmond as of May 2025. While it’s still a significant number, it’s also a slightly better one for buyers than we saw a month ago. Detached prices are down 0.7% from April and 5.2% compared to this time last year.

We’re seeing the same trend with townhomes and condos. The benchmark price for a Richmond townhouse in May was $1,123,700, marking a 3.9% drop year-over-year. Condos came in at $720,400—down 5.8% from May 2024.

Sales volumes are also lower than we’re used to for this time of year. According to Greater Vancouver Realtors, activity across the Lower Mainland is below the 10-year seasonal average. In Richmond specifically, we saw 62 detached homes, 44 townhouses, and 125 condos sell in May. Compare that to May 2024, when we had 77, 70, and 151 sales in those categories.

So what does it all mean?

As GVR’s director of economics Andrew Lis put it, “the market seems to be tilting in favour of buyers.” Inventory is healthy, and many sellers are adjusting their price expectations to stay competitive.

This kind of shift can be a great window of opportunity—whether you're looking to make a move, cash out at today’s still-strong values, or simply better understand your home’s position in the current market.

If you’re wondering what your property might sell for today—or how to best position your home for this changing landscape—I’d be happy to walk you through the numbers and strategy.

Let’s chat.

If you're navigating this dynamic market, whether buying or selling, let's talk strategy. Our team can guide you through the most efficient processes, aiming to save you time, money, and hassle. Contact us today, and let's make your real estate journey successful!

BC Real EstateRichmond Home SalesPrice Adjustment BC homesBuyers marketMay UpdateHome salesHousing trend
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