Is Richland Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Richland Township was a Neutral Market.
Housing Prices in Richland Township, MI
How much do homes in Richland Township, MI cost?
Median Sold Price
$334,950
$208/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Richland Township was $334,950 in May 2024, down 1.5% from last year, and the median price per square foot was $208.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $38K | - | N/A |
2 Bedrooms | $315K | $321.5K | +2.1% |
3 Bedrooms | $269.5K | $306.7K | +13.8% |
4 Bedrooms | $355K | $319.9K | -9.9% |
5+ Bedrooms | $551K | $768.8K | +39.5% |
Summary: Richland Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 2.1%, 3 bedroom homes increased by 13.8%, 4 bedroom homes decreased by 9.9%, and 5+ bedroom homes increased by 39.5%.
Median Sold Price Compared To Nearby Cities
Highland Township | $324.9K | $325K | 0.0% |
Richland Township | $339.9K | $334.9K | -1.5% |
Housing Supply in Richland Township, MI
How many homes are available in Richland Township, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
63 | 64 | +1.6% |
Summary: The Richland Township real estate market had 64 homes for sale in May 2024, a 1.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 9 | 9 | 0.0% |
3 Bedrooms | 19 | 23 | +21.1% |
4 Bedrooms | 25 | 22 | -12.0% |
5+ Bedrooms | 10 | 10 | 0.0% |
Summary: The Richland Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 21.1%, 4 bedroom homes decreased by 12%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
18 | 13 | -27.8% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Summary: A total of 13 homes were sold or pending in Richland Township in May 2024, down by 27.8% month-over-month. Of the 13 sold homes, 31% were sold under asking, 31% were sold at asking, and 38% were sold over asking.
Days on Market for Richland Township, MI
How long does it take to sell a home in Richland Township, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
25 Days | 78 Days | +204.0% |
Summary: Homes in Richland Township had an average of 78 days on market in May 2024, up by 204% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Summary: During May 2024, 13 homes were sold in Richland Township; 46% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 23% of homes were sold over 90 days.