In August I said the thing to watch in Markham was whether the sales-to-new-listings ratio could stay above 40% once September's listings showed up. They showed up: 729 new listings, 25% more than August. The ratio went to 40.5%. That's two months in a row inside TRREB's balanced range, the only York Region municipality to manage it, and it happened while the regional ratio went flat and three municipalities slipped. Markham's balance is real.
Its prices are a different conversation. The average fell 4.4% from last September to $1,125,353 and the median dropped 8.0% to $1,051,000. Detached held almost flat on the average, and everything below detached fell 10% or more on the median. So you have the tightest supply in York Region, 4.1 months of inventory, sitting next to a median decline that only Richmond Hill and Stouffville exceeded this month. Those two facts aren't in conflict. That's what the early part of a turn looks like: inventory burns off first, prices move last. The region-wide context is in our September 2026 Market Watch post.
How Did Markham Real Estate Change Year Over Year in September 2026?
Markham recorded 245 sales in September 2026, down 5.4% from 259 in September 2025. The average price fell 4.4% to $1,125,353 and the median fell 8.0% to $1,051,000. New listings dropped 8.2% to 729 and active inventory fell 10.2% to 1,122. The SNLR rose 4.6 points to 40.5%, months of inventory tightened from 4.3 to 4.1, the sale-to-list ratio held at 98%, and homes sold two days faster than a year ago at 34 days.
| Metric | September 2025 | September 2026 | Change |
|---|---|---|---|
| Total Sales | 259 | 245 | -5.4% |
| Average Price | $1,177,290 | $1,125,353 | -4.4% |
| Median Price | $1,142,000 | $1,051,000 | -8.0% |
| New Listings | 794 | 729 | -8.2% |
| SNLR | 35.9% | 40.5% | +4.6 pts |
| Active Listings | 1,249 | 1,122 | -10.2% |
| Months of Inventory | 4.3 | 4.1 | -0.2 |
| Sale-to-List Price Ratio | 98% | 98% | 0 pts |
| Avg Days on Market | 36 | 34 | -2 days |
Source: Toronto Regional Real Estate Board (TRREB) Market Watch, September 2026 and September 2025.
An 8% drop in the median with a 4.4% drop in the average is the reverse of the usual pattern. Normally a thin month at the top end drags the average down faster than the median. Here the median fell faster, which means the softening is in the middle of the market, in the $900,000 to $1,100,000 band where townhouses, semis and smaller detached homes trade. Detached made up 44% of September sales against 41% last year, so the composite average got some support from mix. The median didn't, and that's why it's the more reliable number this month.
At 98% of asking on a $1,051,000 median, the typical Markham buyer closed about $21,000 below list. That ratio has been 97% to 99% for twelve months. Days on market at 34 is two fewer than last September and one more than August. Markham homes are not sitting. They're selling quickly and selling close to asking, at prices that are lower than they were a year ago. That's a market that has repriced and is now clearing at the new level.
Supply tightened again, even with the fall wave
New listings were down 8.2% from last September despite rising 25% from August, and active inventory at 1,122 is 127 homes below where it sat a year ago. Sales only dipped 5.4%, so demand held up better than supply. That gap is what's been pushing the SNLR for eight straight months. At 4.1 months of inventory Markham is a month and a half tighter than Richmond Hill and almost a month tighter than Vaughan, and it's the only market in our monthly set where months of inventory fell year over year.
What Happened by Property Type in Markham This September?
Detached homes led with 108 sales at an average of $1,534,139, down 0.7% from last September, though the median fell 5.5% to $1,381,500. Freehold townhouse volume dropped from 49 sales to 30 and the median fell 14.0%. Semi-detached, condo townhouse and condo apartment medians all dropped roughly 12% to 18%. The one constant across the table is the sale-to-list ratio: every segment closed at 98% of asking or better, and semis and freehold towns closed at or above full list.
Average Sold Price by Property Type
| Property Type | September 2025 | September 2026 | YoY Change | SP/LP |
|---|---|---|---|---|
| Detached (108 sales) | $1,544,717 | $1,534,139 | -0.7% | 98% |
| Semi-Detached (18 sales) | $1,151,412 | $1,019,322 | -11.5% | 101% |
| Freehold Townhouse (30 sales) | $1,114,132 | $977,959 | -12.2% | 100% |
| Condo Townhouse (23 sales) | $928,312 | $829,470 | -10.6% | 98% |
| Condo Apartment (55 sales) | $673,131 | $574,612 | -14.6% | 98% |
Source: TRREB Market Watch, September 2026 and September 2025. Sales counts are September 2026.
Median Sold Price by Property Type
| Property Type | September 2025 | September 2026 | YoY Change | SP/LP |
|---|---|---|---|---|
| Detached (108 sales) | $1,462,000 | $1,381,500 | -5.5% | 98% |
| Semi-Detached (18 sales) | $1,138,000 | $999,000 | -12.2% | 101% |
| Freehold Townhouse (30 sales) | $1,067,500 | $918,490 | -14.0% | 100% |
| Condo Townhouse (23 sales) | $900,000 | $735,000 | -18.3% | 98% |
| Condo Apartment (55 sales) | $621,613 | $535,000 | -13.9% | 98% |
Source: TRREB Market Watch, September 2026 and September 2025. Sales counts are September 2026.
The detached numbers have a gap worth reading. The average is down less than 1%, the median is down 5.5%, and 108 sales is a real sample. That spread usually means the top of Markham's detached market held value while the $1.2 million to $1.5 million range gave some back. Detached buyers paid 98% of asking, up from 96% a year ago, and closed in 31 days, four faster than last September. Demand for detached is firm. The price point it clears at has come down a step in the middle of the range.
Freehold townhouses are the segment I'd flag for anyone shopping in Markham right now. Volume fell 39%, from 49 sales to 30, and the median dropped about $149,000 to $918,490. Yet the 30 that sold closed at 100% of asking. When a segment loses that much volume and still sells at full list, sellers who held out with 2025 pricing didn't sell, and sellers who priced to the current market did. Condo townhouses show a similar shape: median down 18.3% to $735,000, but 23 sales against 16 last year, so buyers came back once the price was right.
Condo apartments fell 14.6% on the average to $574,612 and 13.9% on the median to $535,000, a drop of about $87,000 on the typical unit. Fifty-five sales at 98% of asking in 40 days is still a functioning market, and Markham condos continue to close closer to list than condos almost anywhere else in York Region. But a 14.6% drop is the largest average decline of any Markham segment, and it's where first-time buyers have the most room to work. Semi-detached at 18 sales and a 12.2% median decline is thin enough that two or three closings swing it, so treat that line as directional.
What Has Markham Real Estate Done Over the Past 12 Months?
The average price has ranged from $1,068,928 in February to $1,230,833 in October 2025, and September's $1,125,353 sits in the middle of that band. Sales bottomed at 163 in January and peaked at 360 in June. The SNLR has risen every month since January's 34.5%, eight consecutive gains, to reach 40.5% in September, and months of inventory have fallen from 4.7 to 4.1 over the same stretch.
| Month | Average Price | Sales | SNLR | MOI |
|---|---|---|---|---|
| September 2026 | $1,125,353 | 245 | 40.5% | 4.1 |
| August 2026 | $1,208,692 | 282 | 40.3% | 4.1 |
| July 2026 | $1,131,324 | 288 | 39.4% | 4.2 |
| June 2026 | $1,136,454 | 360 | 38.8% | 4.3 |
| May 2026 | $1,199,667 | 303 | 37.4% | 4.5 |
| April 2026 | $1,140,668 | 250 | 35.9% | 4.6 |
| March 2026 | $1,155,505 | 225 | 35.7% | 4.7 |
| February 2026 | $1,068,928 | 182 | 35.2% | 4.7 |
| January 2026 | $1,100,945 | 163 | 34.5% | 4.7 |
| December 2025 | $1,187,221 | 171 | 34.5% | 4.7 |
| November 2025 | $1,149,893 | 219 | 34.9% | 4.6 |
| October 2025 | $1,230,833 | 281 | 35.5% | 4.4 |
Source: TRREB Market Watch, October 2025 through September 2026.
Eight straight monthly SNLR gains without an interruption is the second-longest streak in York Region, one behind Vaughan, and September extended it through the one month most likely to break it. The gain was small, 0.2 points, but the direction held while the regional ratio went flat. Months of inventory at 4.1 is the lowest reading in this table, tied with August, and the sale-to-list ratio has held at 98% or 99% in ten of the past twelve months. Those are the mechanics of a market that has absorbed its surplus.
The price column tells the other half. The average has moved inside a band of roughly $1,070,000 to $1,230,000 all year, and September's reading is about $105,000 below the October peak. Prices have not followed the balance up. They've drifted sideways to lower while the ratio climbed. If the pattern from past cycles holds, the price column is the last one to turn, and it doesn't turn until the SNLR has sat in balanced territory for a few months rather than two. Markham is in the waiting period between the balance arriving and the prices noticing.
How Did Markham's September Compare to August 2026?
Sales fell 13.1% from August's 282 to 245. The average price dropped 6.9% to $1,125,353 and the median dropped 4.0% to $1,051,000. New listings rose 24.8% to 729 and active inventory edged up 2.8% to 1,122. The SNLR added 0.2 points to 40.5%, months of inventory held at 4.1, the sale-to-list ratio held at 98%, and days on market rose by one to 34.
| Metric | August 2026 | September 2026 | Change |
|---|---|---|---|
| Total Sales | 282 | 245 | -13.1% |
| Average Price | $1,208,692 | $1,125,353 | -6.9% |
| Median Price | $1,095,000 | $1,051,000 | -4.0% |
| New Listings | 584 | 729 | +24.8% |
| SNLR | 40.3% | 40.5% | +0.2 pts |
| Active Listings | 1,091 | 1,122 | +2.8% |
| Months of Inventory | 4.1 | 4.1 | 0.0 |
| Sale-to-List Price Ratio | 98% | 98% | 0 pts |
| Avg Days on Market | 33 | 34 | +1 day |
Source: TRREB Market Watch, September 2026 and August 2026.
The 6.9% monthly drop in the average needs context from August. That month had 137 detached sales, the most since June, and those closings pushed the average up to $1,208,692. September's detached count fell back to 108 and the average came back down with it. The median moved 4.0%, which is closer to what actually happened to prices from one month to the next. Sales falling 13.1% from August is a bigger seasonal pullback than usual, and it matches what TRREB described across the GTA: buyers in a holding pattern while they wait on rates and the economy.
What didn't change from August is the balance. Listings rose 25%, sales fell 13%, and the SNLR still ticked up because the ratio is calculated on a trend basis and the longer pattern of thinning supply outweighs one month's wave. Active inventory rose by just 31 homes. Markham's September listing surge was absorbed almost entirely.
What This Means Heading into October 2026
What should Markham sellers do right now?
You're in the tightest market in York Region, and that's an advantage worth using carefully. Detached homes are selling at 98% of asking in 31 days. Freehold towns and semis are closing at full list. But the medians in every segment are lower than they were a year ago, in some cases by 10% to 18%, and the sellers who sold in September were the ones who priced to September's comparables rather than last year's. If you list a freehold townhouse at $1,050,000 because that's what your neighbour got in 2025, you'll join the listings that didn't trade. Price it against the past 60 days in your segment and you'll likely have it sold before the end of October. The balance is on your side. The price history isn't, so don't lean on it.
Is this a good time to buy in Markham?
The negotiating room on the typical Markham home is about 2%, roughly $21,000 on the median, and it's been that way for a year. What's changed in your favour is the price level, not the discount off list. A condo apartment that would have cost $621,613 at the median last September costs $535,000 now. A freehold townhouse median is down about $149,000. Those are real savings even in a market where you'll pay close to asking. The trade-off is competition. With 4.1 months of inventory and a 40.5% SNLR, well-priced freehold homes in Cornell, Wismer and Berczy are drawing multiple showings in the first week and sometimes competing offers. Come pre-approved, know your segment's recent comparables, and don't expect the conditional, take-your-time environment that still exists in Richmond Hill or Georgina. That version of the market has largely left Markham.
What to watch in October 2026
First, whether the SNLR holds above 40% for a third month. Two months is a milestone. Three is a trend, and if October holds, I'd expect the price medians to stop falling by early 2027. Second, the detached median. It fell 5.5% year over year to $1,381,500 while the average was flat, and whether that gap closes in October tells you whether mid-range detached demand is recovering or still repricing. Third, condo apartment volume. Fifty-five sales and a 14% median decline is the softest corner of Markham, and a jump in October closings at these prices would signal that first-time buyers have decided the floor is in.
Thinking About Making a Move in Markham?
If you're trying to time a move in Unionville, Cornell, Wismer, Berczy, Markham Village or anywhere else in the city, my team watches these numbers street by street and can tell you what they mean for your specific home. Reach me at (416) 855-5525 or through teamzold.com.
Shawn Zigelstein, Broker
Team Zold, Royal LePage Signature Realty
š (416) 855-5525
š www.teamzold.com