Is Richmond, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
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
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
| # BEDS# BEDROOMS | Sep 2022 | Sep 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $167.5K | $234K | +39.7% |
| 3 Bedrooms | $248K | $305K | +23.0% |
| 4 Bedrooms | $240K | $320K | +33.3% |
| 5+ Bedrooms | $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 | $235K | $275K | +17.0% |
| Lenox Township | $270K | $302.5K | +12.0% |
| Casco | $331.4K | $331.7K | 0.1% |
| Richmond Township | $375K | $305K | -18.7% |
Housing Supply
How many homes are available in Richmond, MI?
Number of Homes For Sale
| Aug 2023 | Sep 2023 | CHANGE |
|---|---|---|
| 37 | 43 | +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
| # BEDS# BEDROOMS | Aug 2023 | Sep 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 7 | 8 | +14.3% |
| 3 Bedrooms | 19 | 23 | +21.1% |
| 4 Bedrooms | 10 | 11 | +10.0% |
| 5+ Bedrooms | 1 | 1 | 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 2023 | Sep 2023 | CHANGE |
|---|---|---|
| 11 | 12 | +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
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 2022 | Sep 2023 | CHANGE |
|---|---|---|
| 13 Days | 18 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
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.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource. 
Disclaimer: The data relating to real estate on this web site comes in part from the IDX of Realcomp II Ltd. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified.