Is Richmond, RI 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, Richmond has remained a Seller's Market.
Housing Prices in Richmond, RI
How much do homes in Richmond, RI cost?
Median Sold Price
$427,500
$253/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Richmond was $427,500 in May 2024, up 0.9% from last year, and the median price per square foot was $253.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | $260K | N/A |
2 Bedrooms | $335K | $325K | -3.0% |
3 Bedrooms | $440K | $496.5K | +12.8% |
4 Bedrooms | $550K | $649K | +18.0% |
5+ Bedrooms | $850K | $10.9M | +1182.4% |
Summary: Richmond 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 decreased by 3%, 3 bedroom homes increased by 12.8%, 4 bedroom homes increased by 18%, and 5+ bedroom homes increased by 1182.4%.
Median Sold Price Compared To Nearby Cities
Richmond | $423.7K | $427.5K | +0.9% |
Charlestown | $610.5K | $569.9K | -6.6% |
Housing Supply in Richmond, RI
How many homes are available in Richmond, RI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
29 | 25 | -13.8% |
Summary: The Richmond real estate market had 25 homes for sale in May 2024, a 13.8% decrease 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 | 10 | 10 | 0.0% |
3 Bedrooms | 13 | 9 | -30.8% |
4 Bedrooms | 6 | 6 | 0.0% |
5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Richmond 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 decreased by 30.8%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
10 | 6 | -40.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
2 Homes Were Sold
Over Asking
Summary: A total of 6 homes were sold or pending in Richmond in May 2024, down by 40.0% month-over-month. Of the 6 sold homes, 50% were sold under asking, 17% were sold at asking, and 33% were sold over asking.
Days on Market for Richmond, RI
How long does it take to sell a home in Richmond, RI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
54 Days | 39 Days | -27.7% |
Summary: Homes in Richmond had an average of 39 days on market in May 2024, down by 27.7% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 6 homes were sold in Richmond; 33% of homes were sold within 30 days, 67% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.