Is Richmond Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Richmond Township has remained a Seller's Market.
Housing Prices in Richmond Township, MI
How much do homes in Richmond Township, MI cost?
Median Sold Price
$320,000
$180/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Richmond Township was $320,000 in April 2024, up 27.3% from last year, and the median price per square foot was $180.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | $194K | $250K | +28.9% |
3 Bedrooms | $248K | $357.4K | +44.1% |
4 Bedrooms | $325K | $320K | -1.5% |
5+ Bedrooms | $404K | - | N/A |
Summary: Richmond Township housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 28.9%, 3 bedroom homes increased by 44.1%, 4 bedroom homes decreased by 1.5%, and 5+ bedroom homes did not change.
Housing Supply in Richmond Township, MI
How many homes are available in Richmond Township, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
16 | 33 | +106.3% |
Summary: The Richmond Township real estate market had 33 homes for sale in April 2024, a 106.3% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 1 | +100.0% |
2 Bedrooms | 3 | 8 | +166.7% |
3 Bedrooms | 10 | 17 | +70.0% |
4 Bedrooms | 2 | 5 | +150.0% |
5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The Richmond Township housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 166.7%, 3 bedroom homes increased by 70%, 4 bedroom homes increased by 150%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
3 | 7 | +133.3% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
2 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Summary: A total of 7 homes were sold or pending in Richmond Township in April 2024, up by 133.3% month-over-month. Of the 7 sold homes, 14% were sold under asking, 29% were sold at asking, and 57% were sold over asking.
Days on Market for Richmond Township, MI
How long does it take to sell a home in Richmond Township, MI?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
273 Days | 37 Days | -86.2% |
Summary: Homes in Richmond Township had an average of 37 days on market in Apr 2024, down by 86.2% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During April 2024, 7 homes were sold in Richmond Township; 71% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 29% of homes were sold over 90 days.