Is Richmond, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Richmond has remained a Seller's Market.
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
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
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $97K | $119.9K | +23.6% |
2 Bedrooms | $132K | $155K | +17.4% |
3 Bedrooms | $232.5K | $340K | +46.2% |
4 Bedrooms | $375K | $482.5K | +28.7% |
5+ Bedrooms | - | $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 | $167.5K | $325K | +94.0% |
Richmond Township | $305K | $375.5K | +23.1% |
Housing Supply in Richmond, IL
How many homes are available in Richmond, IL?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
13 | 14 | +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
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 1 | 0.0% |
2 Bedrooms | 3 | 4 | +33.3% |
3 Bedrooms | 3 | 3 | 0.0% |
4 Bedrooms | 5 | 5 | 0.0% |
5+ Bedrooms | 1 | 1 | 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 2024 | Mar 2024 | CHANGE |
---|---|---|
2 | 4 | +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
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 2023 | Mar 2024 | CHANGE |
---|---|---|
73 Days | 5 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
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.