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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Richmond is a buyer's market

Buyer's
Market

Difference Since Last Month

Last month, Richmond was a Seller's Market.

Key Takeaway

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

Housing Prices in Richmond, MI

How much do homes in Richmond, MI cost?

Median Sold Price

$291,500

$217/sqft

Based on all homes sold in September 2024.

Difference Since Last Month

+$9,500(+3.4%)

Key Takeaway

Homes in Richmond have sold for 3.4% more than they did a month ago.

Summary: The median home sold price in Richmond was $291,500 in September 2024, up 3.4% from last month, and the median price per square foot was $217.

Median Sold Price By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 --
N/A
2 $277K$173K
-37.5%
3 $255K$395K
+54.9%
4 $392.9K-
N/A
5+ --
N/A

Summary: Richmond housing prices by bedroom type for September 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 37.5%, 3 bedroom homes increased by 54.9%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Cities

Richmond
+3.4%
Richmond Township
+3.4%
Casco
-27.4%
Columbus Township
-38.6%

Housing Supply in Richmond, MI

How many homes are available in Richmond, MI?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
4450+13.6%

Summary: The Richmond real estate market had 50 homes for sale in September 2024, a 13.6% increase compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 00
0.0%
2 98
-11.1%
3 2831
+10.7%
4 69
+50.0%
5+ 12
+100.0%

Summary: The Richmond housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 11.1%, 3 bedroom homes increased by 10.7%, 4 bedroom homes increased by 50%, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
107-30.0%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Richmond, you may be able to get a good deal. 71.4% of homes here sold below asking price last month.

Summary: A total of 7 homes were sold or pending in Richmond in September 2024, down by 30.0% month-over-month. Of the 7 sold homes, 71% were sold under asking, 0% were sold at asking, and 29% were sold over asking.

Days on Market for Richmond, MI

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

Average Sale Time

Aug 2024Sep 2024CHANGE
20 Days26 Days+25.6%

Summary: Homes in Richmond had an average of 26 days on market in Sep 2024, up by 25.6% compared to last month.

Breakdown of Home Sale Times

5 Homes Were Sold
Under 30 Days

2 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.

Summary: During September 2024, 7 homes were sold in Richmond; 71% of homes were sold within 30 days, 29% 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 9 Days Ago

Newest Listings in Richmond, MI

Nearby Markets to Richmond, MI

What housing markets are near Richmond, MI?