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

Housing Market Conditions



Gauge showing Richmond is a seller'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



Based on all homes sold in the last 12 months.

Difference Since September 2022


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 --
2 $167.5K$234K
3 $248K$305K
4 $240K$320K
5+ $251K$435K

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

Lenox Township
Richmond Township

Housing Supply

How many homes are available in Richmond, MI?

Number of Homes For Sale

Aug 2023Sep 2023CHANGE

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
2 78
3 1923
4 1011
5+ 11

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

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?