Is Richmond, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
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 in Richmond, MI
How much do homes in Richmond, MI cost?
Median Sold Price
$304,500
$177/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Richmond have sold for 22.5% more than they did a year ago.
Summary: The median home sold price in Richmond was $304,500 in March 2024, up 22.5% from last year, and the median price per square foot was $177.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $171K | $250K | +46.2% |
| 3 Bedrooms | $248K | $327.8K | +32.2% |
| 4 Bedrooms | $317.5K | $320K | +0.8% |
| 5+ Bedrooms | $381.5K | - | N/A |
Summary: Richmond 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 46.2%, 3 bedroom homes increased by 32.2%, 4 bedroom homes increased by 0.8%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Richmond | $248.5K | $304.5K | +22.5% |
| Richmond Township | $287.9K | $305K | +5.9% |
| Lenox Township | $294.1K | $285.5K | -2.9% |
Housing Supply in Richmond, MI
How many homes are available in Richmond, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 11 | 17 | +54.5% |
Summary: The Richmond real estate market had 17 homes for sale in March 2024, a 54.5% 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 | 2 | 3 | +50.0% |
| 3 Bedrooms | 8 | 11 | +37.5% |
| 4 Bedrooms | 1 | 2 | +100.0% |
| 5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The Richmond 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 increased by 50%, 3 bedroom homes increased by 37.5%, 4 bedroom homes increased by 100%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 1 | 4 | +300.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Richmond, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 4 homes were sold or pending in Richmond in March 2024, up by 300.0% month-over-month. Of the 4 sold homes, 25% were sold under asking, 25% were sold at asking, and 50% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 125 Days | 13 Days | -89.4% |
Summary: Homes in Richmond had an average of 13 days on market in Mar 2024, down by 89.4% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Richmond are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 4 homes were sold in Richmond; 75% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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