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 April 2021

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.

How much do homes in Richmond, MI cost?

Median Sold Price

$225,000

$158/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2021

+$32,000(+16.6%)

Key Takeaway

Homes in Richmond have sold for 16.6% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSApr 2021Apr 2022%
1 $99.9K-
N/A
2 $170K$182.3K
+7.3%
3 $193.1K$233.7K
+21.0%
4 $267K$243K
-9.0%
5+ $258.4K$246K
-4.8%

Median Sold Price Compared To Nearby Cities

Columbus Township
+30.3%
Richmond
+16.6%

How many homes are available in Richmond, MI?

Number of Homes For Sale

Mar 2022Apr 2022%
2224+9.1%

Homes For Sale By Bedroom Count

# BEDSMar 2022Apr 2022%
1 00
0.0%
2 76
-14.3%
3 1315
+15.4%
4 23
+50.0%
5+ 00
0.0%

Number of Homes Sold

Mar 2022Apr 2022%
610+66.7%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

6 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. 60% of homes here sold above asking price last month.

Average Sale Time

Apr 2021Apr 2022%
22 Days6 Days-71.7%

Breakdown of Home Sale Times

10 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were 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.

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

About Richmond, MI

There are 24 homes are for sale in Richmond, MI real estate market. The inventory of homes for sale in Richmond, MI between March 2022 and April 2022 increased by 9.1%. Listings spent 6 days on the market in April 2022, and had a median list price of $225,000 during the same period. From March 2022 through April 2022, the following changes in listing prices were observed in this housing market: prices of 1 bedroom properties increased by 0%, 2 bedrooms properties became 7.3% more expensive, the cost of 3 bedrooms properties went up by 21%, 4 bedrooms properties became 9% more cheaper, prices of 5 bedrooms properties went down by 4.8%. This housing market inventory have changed: number of 1 bedroom homes remained the same, 2 bedrooms homes inventory decreased by 14.3%, the quantity of 3 bedrooms homes went up by 15.4%, 4 bedrooms homes inventory increased by 50%, number of 5 bedrooms homes remained the same. In April 2022 more than 6 listings in Richmond, MI were sold above the asking price. During the same period more than 1 listings were sold at asking price, while more than 3 were sold below.

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