Is Richfield Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Richfield Township was a Neutral Market.
Key Takeaway
Richfield Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Richfield Township, MI
How much do homes in Richfield Township, MI cost?
Median Sold Price
$122,500
$123/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Richfield Township have sold for 15.1% more than they did a year ago.
Summary: The median home sold price in Richfield Township was $122,500 in March 2024, up 15.1% from last year, and the median price per square foot was $123.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $95K | $73.5K | -22.6% |
| 2 Bedrooms | $99K | $98.7K | -0.3% |
| 3 Bedrooms | $130K | $141.7K | +9.0% |
| 4 Bedrooms | $170.9K | $243.5K | +42.4% |
| 5+ Bedrooms | - | - | N/A |
Summary: Richfield Township housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 22.6%, 2 bedroom homes decreased by 0.3%, 3 bedroom homes increased by 9%, 4 bedroom homes increased by 42.4%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Saint Helen | $108.5K | $125K | +15.2% |
| Richfield Township | $106.4K | $122.5K | +15.1% |
Housing Supply in Richfield Township, MI
How many homes are available in Richfield Township, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 31 | 39 | +25.8% |
Summary: The Richfield Township real estate market had 39 homes for sale in March 2024, a 25.8% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 17 | 25 | +47.1% |
| 3 Bedrooms | 11 | 11 | 0.0% |
| 4 Bedrooms | 2 | 1 | -50.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Richfield Township housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 47.1%, 3 bedroom homes remained the same, 4 bedroom homes decreased by 50%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 5 | 7 | +40.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Richfield Township, you may be able to get a good deal. 42.9% of homes here sold below asking price last month.
Summary: A total of 7 homes were sold or pending in Richfield Township in March 2024, up by 40.0% month-over-month. Of the 7 sold homes, 43% were sold under asking, 29% were sold at asking, and 29% were sold over asking.
Days on Market for Richfield Township, MI
How long does it take to sell a home in Richfield Township, MI?
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Richfield Township has remained consistent over time.
Summary: During March 2024, 7 homes were sold in Richfield Township; 0% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
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