Is Romeo, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Romeo is a seller's market

Buyer's
Market

Difference Since May 2021

Since last year, Romeo has remained a Seller's Market.

Key Takeaway

Romeo is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

How much do homes in Romeo, MI cost?

Median Sold Price

$271,950

$172/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2021

+$49,450(+22.2%)

Key Takeaway

Homes in Romeo have sold for 22.2% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSMay 2021May 2022%
1 $135.2K$89.9K
-33.5%
2 $198K$164K
-17.2%
3 $225.9K$292.5K
+29.5%
4 $282K$301.2K
+6.8%
5+ $1.2M$240K
-80.8%

Median Sold Price Compared To Nearby Cities

Romeo
+22.2%
Bruce Township
+6.0%
Washington
+3.9%
Armada Township
+2.0%
Washington Township
+0.9%

How many homes are available in Romeo, MI?

Number of Homes For Sale

Apr 2022May 2022%
2317-26.1%

Homes For Sale By Bedroom Count

# BEDSApr 2022May 2022%
1 32
-33.3%
2 116
-45.5%
3 64
-33.3%
4 12
+100.0%
5+ 23
+50.0%

Number of Homes Sold

Apr 2022May 2022%
86-25.0%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

1 Home Was Sold
At Asking

4 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Romeo, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.

Average Sale Time

May 2021May 2022%
13 Days58 Days+346.4%

Breakdown of Home Sale Times

5 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Romeo are selling fast, if you're buying plan to act quickly.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

About Romeo, MI

Romeo, MI has 17 homes for sale to choose from. Between April 2022 and May 2022, Romeo, MI real estate market has seen decrease in the number of listings by 26.1%. While the average time on the market in May 2022 was 58 days, the median list price was $271,950. From April 2022 through May 2022, the following changes in listing prices were observed in this housing market: 1 bedroom properties prices decreased by 33.5%, prices of 2 bedrooms properties decreased by 17.2%, 3 bedrooms properties prices increased by 29.5%, 4 bedrooms properties prices increased by 6.8%, 5 bedrooms properties prices decreased by 80.8%. This housing market inventory have changed: volume of 1 bedroom homes went down by 33.3%, 2 bedrooms homes became 45.5% less available, number of 3 bedrooms homes decreased by 33.3%, 4 bedrooms homes became 100% more available, the quantity of 5 bedrooms homes went up by 50%. Romeo, MI housing market in May 2022 saw over 4 listings sold above listed price, more than 1 sold at listed price and over 1 sold below.

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