Is Romulus, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Romulus has remained a Seller's Market.
Key Takeaway
Romulus is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Romulus, MI
How much do homes in Romulus, MI cost?
Median Sold Price
$192,750
$154/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Romulus have sold for 7.4% more than they did a year ago.
Summary: The median home sold price in Romulus was $192,750 in May 2024, up 7.4% from last year, and the median price per square foot was $154.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $15K | $125K | +733.3% |
| 2 Bedrooms | $155K | $155K | 0.0% |
| 3 Bedrooms | $169.4K | $182K | +7.4% |
| 4 Bedrooms | $305K | $320K | +4.9% |
| 5+ Bedrooms | $343K | $440.5K | +28.4% |
Summary: Romulus housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 733.3%, 2 bedroom homes did not change, 3 bedroom homes increased by 7.4%, 4 bedroom homes increased by 4.9%, and 5+ bedroom homes increased by 28.4%.
Median Sold Price Compared To Nearby Cities
| Taylor | $150K | $170K | +13.3% |
| Huron Charter Township | $300K | $335.5K | +11.8% |
| Wayne | $149.9K | $165K | +10.1% |
| Romulus | $179.5K | $192.7K | +7.4% |
| Westland | $190.5K | $204.5K | +7.3% |
Housing Supply in Romulus, MI
How many homes are available in Romulus, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 61 | 71 | +16.4% |
Summary: The Romulus real estate market had 71 homes for sale in May 2024, a 16.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 5 | 6 | +20.0% |
| 3 Bedrooms | 41 | 47 | +14.6% |
| 4 Bedrooms | 13 | 15 | +15.4% |
| 5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The Romulus 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 increased by 20%, 3 bedroom homes increased by 14.6%, 4 bedroom homes increased by 15.4%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 20 | 19 | -5.0% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Romulus, you may be able to get a good deal. 47.4% of homes here sold below asking price last month.
Summary: A total of 19 homes were sold or pending in Romulus in May 2024, down by 5.0% month-over-month. Of the 19 sold homes, 47% were sold under asking, 16% were sold at asking, and 37% were sold over asking.
Days on Market for Romulus, MI
How long does it take to sell a home in Romulus, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 16 Days | 29 Days | +75.9% |
Summary: Homes in Romulus had an average of 29 days on market in May 2024, up by 75.9% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Romulus are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 19 homes were sold in Romulus; 84% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
