Is Richmond, NY 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.
Key Takeaway
Richmond is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Richmond, NY
How much do homes in Richmond, NY cost?
Median Sold Price
$300,000
$211/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Richmond have sold for 3.4% more than they did a year ago.
Summary: The median home sold price in Richmond was $300,000 in May 2024, up 3.4% from last year, and the median price per square foot was $211.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $154.2K | - | N/A |
| 2 Bedrooms | $300K | $190K | -36.7% |
| 3 Bedrooms | $290K | $300K | +3.4% |
| 4 Bedrooms | $285K | $342.5K | +20.2% |
| 5+ Bedrooms | $370K | $351.2K | -5.1% |
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 36.7%, 3 bedroom homes increased by 3.4%, 4 bedroom homes increased by 20.2%, and 5+ bedroom homes decreased by 5.1%.
Median Sold Price Compared To Nearby Cities
| Bristol | $250K | $282.5K | +13.0% |
| Richmond | $290K | $300K | +3.4% |
| Honeoye | $290K | $268.5K | -7.4% |
Housing Supply in Richmond, NY
How many homes are available in Richmond, NY?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 6 | 15 | +150.0% |
Summary: The Richmond real estate market had 15 homes for sale in May 2024, a 150.0% 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 | 1 | 4 | +300.0% |
| 3 Bedrooms | 3 | 7 | +133.3% |
| 4 Bedrooms | 1 | 3 | +200.0% |
| 5+ Bedrooms | 1 | 1 | 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 increased by 300%, 3 bedroom homes increased by 133.3%, 4 bedroom homes increased by 200%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 0 | 3 | +100.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Richmond, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.
Summary: A total of 3 homes were sold or pending in Richmond in May 2024, up by 100.0% month-over-month. Of the 3 sold homes, 33% were sold under asking, 0% were sold at asking, and 67% were sold over asking.
Days on Market for Richmond, NY
How long does it take to sell a home in Richmond, NY?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 6 Days | 13 Days | +110.3% |
Summary: Homes in Richmond had an average of 13 days on market in May 2024, up by 110.3% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Richmond are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 3 homes were sold in Richmond; 67% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
