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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Richmond Township is a neutral's market

Buyer's
Market

Difference Since January 2023

At the same time last year, Richmond Township was a Buyer's Market.

Key Takeaway

Richmond Township is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Richmond Township, MI

How much do homes in Richmond Township, MI cost?

Median Sold Price

$283,500

$177/sqft

Based on all homes sold in the last 12 months.

Difference Since January 2023

-$26,500(-8.5%)

Key Takeaway

Homes in Richmond Township have sold for 8.5% less than they did a year ago.

Summary: The median home sold price in Richmond Township was $283,500 in January 2024, down 8.5% from last year, and the median price per square foot was $177.

Median Sold Price By Bedroom Count

# BEDSJan 2023Jan 2024CHANGE
1 --
N/A
2 $221K$235K
+6.3%
3 $305K$325.3K
+6.7%
4 $385K$311.2K
-19.2%
5+ $412.5K$345K
-16.4%

Summary: Richmond Township housing prices by bedroom type for January 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 6.3%, 3 bedroom homes increased by 6.7%, 4 bedroom homes decreased by 19.2%, and 5+ bedroom homes decreased by 16.4%.

Median Sold Price Compared To Nearby Cities

Richmond
+18.1%
Richmond Township
-8.5%

Housing Supply in Richmond Township, MI

How many homes are available in Richmond Township, MI?

Number of Homes For Sale

Dec 2023Jan 2024CHANGE
3230-6.3%

Summary: The Richmond Township real estate market had 30 homes for sale in January 2024, a 6.3% decrease compared to December 2023.

Homes For Sale By Bedroom Count

# BEDSDec 2023Jan 2024CHANGE
1 00
0.0%
2 45
+25.0%
3 2121
0.0%
4 52
-60.0%
5+ 22
0.0%

Summary: The Richmond Township housing inventory by bedroom type for January 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 25%, 3 bedroom homes remained the same, 4 bedroom homes decreased by 60%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Dec 2023Jan 2024CHANGE
45+25.0%

Asking Price vs. Sold Price

0 Homes Were Sold
Under Asking

3 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 Township, expect to pay close to the asking price. 60% of homes here sold near the asking price last month.

Summary: A total of 5 homes were sold or pending in Richmond Township in January 2024, up by 25.0% month-over-month. Of the 5 sold homes, 0% were sold under asking, 60% were sold at asking, and 40% were sold over asking.

Days on Market for Richmond Township, MI

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

Average Sale Time

Jan 2023Jan 2024CHANGE
9 Days54 Days+502.2%

Summary: Homes in Richmond Township had an average of 54 days on market in Jan 2024, up by 502.2% compared to last year.

Breakdown of Home Sale Times

3 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 Township are selling fast, if you're buying plan to act quickly.

Summary: During January 2024, 5 homes were sold in Richmond Township; 60% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 20% 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 27 Days Ago

Newest Listings in Richmond Township, MI

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