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Richmond Real Estate Trends: 2018 Year in Review [Infographic]

REW (Real Estate Wire)
January 23, 2019

Richmond Real Estate Trends 2018

Born of homes built under the Veteran's Land Act, the Hamilton neighbourhood is growing, thanks to a revised Official Community Plan in 2014.  Once again, this unique small enclave in Richmond, bordered between two arms of the Fraser River, has been ranked as the city’s favourite neighbourhood.

With a lot of housing development, East Richmond saw a staggering 243 per cent growth year over year, based on our median list price increase graphics. This unusually high growth is due to fewer condos, and more detached homes up for sale in 2018.

Although home prices in Richmond have been gone up, they are still much less expensive, averaging $794 per square foot, than Vancouver, which averages $1,114 per square foot. Yet, the median home price is $1.99M, almost unchanged from 2017 up one per cent YOY, while a condo will run you $628K, which is a 19 per cent increase YOY.

Our data also divulged that the most common REW home search in the city was for a three-bedroom house priced between $1.25-$1.5M.