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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Richmond Township is a buyer's market

Buyer's
Market

Difference Since February 2023

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

Key Takeaway

Richmond Township is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Richmond Township, IL

How much do homes in Richmond Township, IL cost?

Median Sold Price

$375,000

$148/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$60,000(+19.0%)

Key Takeaway

Homes in Richmond Township have sold for 19% more than they did a year ago.

Summary: The median home sold price in Richmond Township was $375,000 in February 2024, up 19% from last year, and the median price per square foot was $148.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $98K$113.4K
+15.8%
2 $147K$212K
+44.2%
3 $315K$359.5K
+14.1%
4 $415K$480K
+15.7%
5+ $479.5K$460K
-4.1%

Summary: Richmond Township housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15.8%, 2 bedroom homes increased by 44.2%, 3 bedroom homes increased by 14.1%, 4 bedroom homes increased by 15.7%, and 5+ bedroom homes decreased by 4.1%.

Median Sold Price Compared To Nearby Cities

Richmond
+91.7%
Richmond Township
+19.0%
Burton Township
+13.6%
Genoa City
-0.2%
Spring Grove
-10.7%

Housing Supply in Richmond Township, IL

How many homes are available in Richmond Township, IL?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
1022+120.0%

Summary: The Richmond Township real estate market had 22 homes for sale in February 2024, a 120.0% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 01
+100.0%
2 13
+200.0%
3 39
+200.0%
4 48
+100.0%
5+ 21
-50.0%

Summary: The Richmond Township housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 200%, 3 bedroom homes increased by 200%, 4 bedroom homes increased by 100%, and 5+ bedroom homes decreased by 50%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
23+50.0%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Richmond Township, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.

Summary: A total of 3 homes were sold or pending in Richmond Township in February 2024, up by 50.0% month-over-month. Of the 3 sold homes, 67% were sold under asking, 33% were sold at asking, and 0% were sold over asking.

Days on Market for Richmond Township, IL

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

Average Sale Time

Feb 2023Feb 2024CHANGE
41 Days37 Days-8.8%

Summary: Homes in Richmond Township had an average of 37 days on market in Feb 2024, down by 8.8% 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

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During February 2024, 3 homes were sold in Richmond Township; 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.

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

Report Updated 28 Days Ago

Newest Listings in Richmond Township, IL

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