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.
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
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
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
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.