Is Richland 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, Richland Township was a Seller's Market.
Key Takeaway
Richland Township 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 Richland Township, MI
How much do homes in Richland Township, MI cost?
Median Sold Price
$330,750
$207/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Richland Township have sold for 9% less than they did a year ago.
Summary: The median home sold price in Richland Township was $330,750 in March 2024, down 9% from last year, and the median price per square foot was $207.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $315K | $318K | +1.0% |
| 3 Bedrooms | $267.5K | $330.7K | +23.6% |
| 4 Bedrooms | $430K | $310.1K | -27.9% |
| 5+ Bedrooms | $781.5K | $551K | -29.5% |
Summary: Richland Township housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 1%, 3 bedroom homes increased by 23.6%, 4 bedroom homes decreased by 27.9%, and 5+ bedroom homes decreased by 29.5%.
Median Sold Price Compared To Nearby Cities
| Highland Township | $307.5K | $343K | +11.5% |
| Richland Township | $363.5K | $330.7K | -9.0% |
Housing Supply in Richland Township, MI
How many homes are available in Richland Township, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 46 | 49 | +6.5% |
Summary: The Richland Township real estate market had 49 homes for sale in March 2024, a 6.5% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 9 | 7 | -22.2% |
| 3 Bedrooms | 11 | 15 | +36.4% |
| 4 Bedrooms | 17 | 21 | +23.5% |
| 5+ Bedrooms | 9 | 6 | -33.3% |
Summary: The Richland Township 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 decreased by 22.2%, 3 bedroom homes increased by 36.4%, 4 bedroom homes increased by 23.5%, and 5+ bedroom homes decreased by 33.3%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 8 | 7 | -12.5% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Richland Township, expect to pay close to the asking price. 42.9% of homes here sold near the asking price last month.
Summary: A total of 7 homes were sold or pending in Richland Township in March 2024, down by 12.5% month-over-month. Of the 7 sold homes, 29% were sold under asking, 43% were sold at asking, and 29% were sold over asking.
Days on Market for Richland Township, MI
How long does it take to sell a home in Richland Township, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 22 Days | 48 Days | +121.4% |
Summary: Homes in Richland Township had an average of 48 days on market in Mar 2024, up by 121.4% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Richland Township are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 7 homes were sold in Richland Township; 43% of homes were sold within 30 days, 43% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
Listing information is provided in part by the IDX Program of the MLS of the Greater Lansing Association of REALTORS®. IDX information is provided exclusively for Consumers' personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties Consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS.