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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Richmond is a seller's market

Buyer's
Market

Difference Since September 2022

Since last year, Richmond has remained a Seller's Market.

Key Takeaway

Richmond is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices

How much do homes in Richmond, MI cost?

Median Sold Price

$275,000

$167/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2022

+$40,000(+17.0%)

Key Takeaway

Homes in Richmond have sold for 17% more than they did a year ago.

Summary: The median home sold price in Richmond was $275,000 in September 2023, up 17% from last year, and the median price per square foot was $167.

Median Sold Price By Bedroom Count

# BEDSSep 2022Sep 2023CHANGE
1 --
N/A
2 $167.5K$234K
+39.7%
3 $248K$305K
+23.0%
4 $240K$320K
+33.3%
5+ $251K$435K
+73.3%

Summary: Richmond housing prices by bedroom type for September 2023 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 39.7%, 3 bedroom homes increased by 23%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes increased by 73.3%.

Median Sold Price Compared To Nearby Cities

Richmond
+17.0%
Lenox Township
+12.0%
Casco
0.1%
Richmond Township
-18.7%

Housing Supply

How many homes are available in Richmond, MI?

Number of Homes For Sale

Aug 2023Sep 2023CHANGE
3743+16.2%

Summary: The Richmond real estate market had 43 homes for sale in September 2023, a 16.2% increase compared to August 2023.

Homes For Sale By Bedroom Count

# BEDSAug 2023Sep 2023CHANGE
1 00
0.0%
2 78
+14.3%
3 1923
+21.1%
4 1011
+10.0%
5+ 11
0.0%

Summary: The Richmond housing inventory by bedroom type for September 2023 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 14.3%, 3 bedroom homes increased by 21.1%, 4 bedroom homes increased by 10%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Aug 2023Sep 2023CHANGE
1112+9.1%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

8 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Richmond, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.

Summary: A total of 12 homes were sold or pending in Richmond in September 2023, up by 9.1% month-over-month. Of the 12 sold homes, 25% were sold under asking, 8% were sold at asking, and 67% were sold over asking.

Days on Market

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

Average Sale Time

Sep 2022Sep 2023CHANGE
13 Days18 Days+44.9%

Summary: Homes in Richmond had an average of 18 days on market in Sep 2023, up by 44.9% compared to last year.

Breakdown of Home Sale Times

10 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

1 Home Was 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 September 2023, 12 homes were sold in Richmond; 83% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 8% 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 3 Days Ago

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Nearby Markets

What housing markets are near Richmond, MI?