Is Richmond Township, 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 Township has remained a Seller's Market.
Housing Prices in Richmond Township, MI
How much do homes in Richmond Township, MI cost?
Median Sold Price
$255,000
$172/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Richmond Township was $255,000 in March 2024, up 54.5% from last year, and the median price per square foot was $172.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $92.6K | - | N/A |
2 Bedrooms | $194K | $182K | -6.2% |
3 Bedrooms | $155K | $325.3K | +109.9% |
4 Bedrooms | $203.1K | $294.9K | +45.2% |
5+ Bedrooms | $433K | $275K | -36.5% |
Summary: Richmond Township 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 decreased by 6.2%, 3 bedroom homes increased by 109.9%, 4 bedroom homes increased by 45.2%, and 5+ bedroom homes decreased by 36.5%.
Median Sold Price Compared To Nearby Cities
Richmond Township | $165K | $255K | +54.5% |
Reed City | $135K | $158.3K | +17.3% |
Lincoln Township | $139.3K | $155K | +11.2% |
Hersey | $165K | $165K | 0.0% |
Hersey Township | $169.5K | $166K | -2.1% |
Housing Supply in Richmond Township, MI
How many homes are available in Richmond Township, MI?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
18 | 25 | +38.9% |
Summary: The Richmond Township real estate market had 25 homes for sale in March 2024, a 38.9% 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 | 3 | 4 | +33.3% |
3 Bedrooms | 10 | 13 | +30.0% |
4 Bedrooms | 4 | 3 | -25.0% |
5+ Bedrooms | 1 | 5 | +400.0% |
Summary: The Richmond Township 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 33.3%, 3 bedroom homes increased by 30%, 4 bedroom homes decreased by 25%, and 5+ bedroom homes increased by 400%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
4 | 7 | +75.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
2 Homes Were Sold
Over Asking
Summary: A total of 7 homes were sold or pending in Richmond Township in March 2024, up by 75.0% month-over-month. Of the 7 sold homes, 57% were sold under asking, 14% were sold at asking, and 29% 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
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
125 Days | 21 Days | -82.5% |
Summary: Homes in Richmond Township had an average of 21 days on market in Mar 2024, down by 82.5% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During March 2024, 7 homes were sold in Richmond Township; 57% of homes were sold within 30 days, 43% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.