Is Richfield Township, 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, Richfield Township has remained a Seller's Market.
Housing Prices in Richfield Township, MI
How much do homes in Richfield Township, MI cost?
Median Sold Price
$125,000
$121/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Richfield Township was $125,000 in May 2024, up 14.2% from last year, and the median price per square foot was $121.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $162.5K | $73.5K | -54.8% |
2 Bedrooms | $95.7K | $101.7K | +6.3% |
3 Bedrooms | $134K | $140K | +4.5% |
4 Bedrooms | $174.9K | $199.5K | +14.1% |
5+ Bedrooms | - | $235K | N/A |
Summary: Richfield Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 54.8%, 2 bedroom homes increased by 6.3%, 3 bedroom homes increased by 4.5%, 4 bedroom homes increased by 14.1%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
Richfield Township | $109.4K | $125K | +14.2% |
Saint Helen | $109.9K | $125K | +13.7% |
Housing Supply in Richfield Township, MI
How many homes are available in Richfield Township, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
39 | 43 | +10.3% |
Summary: The Richfield Township real estate market had 43 homes for sale in May 2024, a 10.3% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 3 | 3 | 0.0% |
2 Bedrooms | 22 | 20 | -9.1% |
3 Bedrooms | 10 | 15 | +50.0% |
4 Bedrooms | 2 | 3 | +50.0% |
5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Richfield 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 decreased by 9.1%, 3 bedroom homes increased by 50%, 4 bedroom homes increased by 50%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
12 | 13 | +8.3% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Summary: A total of 13 homes were sold or pending in Richfield Township in May 2024, up by 8.3% month-over-month. Of the 13 sold homes, 54% were sold under asking, 38% were sold at asking, and 8% were sold over asking.
Days on Market for Richfield Township, MI
How long does it take to sell a home in Richfield Township, MI?
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During May 2024, 13 homes were sold in Richfield Township; 23% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 15% of homes were sold over 90 days.