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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Richmond is a neutral's market

Buyer's
Market

Difference Since November 2023

At the same time last year, Richmond was a Seller's Market.

Key Takeaway

Richmond is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Richmond, IL

How much do homes in Richmond, IL cost?

Median Sold Price

$290,000

$165/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

-$22,500(-7.2%)

Key Takeaway

Homes in Richmond have sold for 7.2% less than they did a year ago.

Summary: The median home sold price in Richmond was $290,000 in November 2024, down 7.2% from last year, and the median price per square foot was $165.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $103.7K$122K
+17.6%
2 $138K$155K
+12.3%
3 $340K$315K
-7.4%
4 $485K$360K
-25.8%
5+ $332.5K$330K
-0.8%

Summary: Richmond housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 17.6%, 2 bedroom homes increased by 12.3%, 3 bedroom homes decreased by 7.4%, 4 bedroom homes decreased by 25.8%, and 5+ bedroom homes decreased by 0.8%.

Median Sold Price Compared To Nearby Cities

Richmond Township
+1.0%
Richmond
-7.2%

Housing Supply in Richmond, IL

How many homes are available in Richmond, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
1720+17.6%

Summary: The Richmond real estate market had 20 homes for sale in November 2024, a 17.6% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 22
0.0%
2 11
0.0%
3 810
+25.0%
4 55
0.0%
5+ 12
+100.0%

Summary: The Richmond housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 25%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
43-25.0%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Richmond, you may be able to get a good deal. 100% of homes here sold below asking price last month.

Summary: A total of 3 homes were sold or pending in Richmond in November 2024, down by 25.0% month-over-month. Of the 3 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% 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

Nov 2023Nov 2024CHANGE
34 Days6 Days-80.8%

Summary: Homes in Richmond had an average of 6 days on market in Nov 2024, down by 80.8% compared to last year.

Breakdown of Home Sale Times

3 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 November 2024, 3 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 10 Days Ago

Newest Listings in Richmond, IL

Nearby Markets to Richmond, IL

What housing markets are near Richmond, IL?