Is Richmond, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Richmond is a seller's market

Buyer's
Market

Difference Since March 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, IL

How much do homes in Richmond, IL cost?

Median Sold Price

$325,000

$158/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$157,500(+94.0%)

Key Takeaway

Homes in Richmond have sold for 94% more than they did a year ago.

Summary: The median home sold price in Richmond was $325,000 in March 2024, up 94% from last year, and the median price per square foot was $158.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $97K$119.9K
+23.6%
2 $132K$155K
+17.4%
3 $232.5K$340K
+46.2%
4 $375K$482.5K
+28.7%
5+ -$330K
N/A

Summary: Richmond housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 23.6%, 2 bedroom homes increased by 17.4%, 3 bedroom homes increased by 46.2%, 4 bedroom homes increased by 28.7%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Cities

Richmond
+94.0%
Richmond Township
+23.1%

Housing Supply in Richmond, IL

How many homes are available in Richmond, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
1314+7.7%

Summary: The Richmond real estate market had 14 homes for sale in March 2024, a 7.7% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 11
0.0%
2 34
+33.3%
3 33
0.0%
4 55
0.0%
5+ 11
0.0%

Summary: The Richmond housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 33.3%, 3 bedroom homes remained the same, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
24+100.0%

Asking Price vs. Sold Price

0 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Richmond, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.

Summary: A total of 4 homes were sold or pending in Richmond in March 2024, up by 100.0% month-over-month. Of the 4 sold homes, 0% were sold under asking, 50% were sold at asking, and 50% were sold over asking.

Days on Market for Richmond, IL

How long does it take to sell a home in Richmond, IL?

Average Sale Time

Mar 2023Mar 2024CHANGE
73 Days5 Days-92.5%

Summary: Homes in Richmond had an average of 5 days on market in Mar 2024, down by 92.5% compared to last year.

Breakdown of Home Sale Times

4 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Richmond are selling fast, if you're buying plan to act quickly.

Summary: During March 2024, 4 homes were sold in Richmond; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 25 Days Ago

Newest Listings in Richmond, IL

Nearby Markets to Richmond, IL

What housing markets are near Richmond, IL?