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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Romulus is a seller's market

Buyer's
Market

Difference Since November 2023

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

Key Takeaway

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

Housing Prices in Romulus, MI

How much do homes in Romulus, MI cost?

Median Sold Price

$200,666

$142/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$20,666(+11.5%)

Key Takeaway

Homes in Romulus have sold for 11.5% more than they did a year ago.

Summary: The median home sold price in Romulus was $200,666 in November 2024, up 11.5% from last year, and the median price per square foot was $142.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 --
N/A
2 $155K$160K
+3.2%
3 $176.5K$196K
+11.0%
4 $281K$315K
+12.1%
5+ $355K$394K
+11.0%

Summary: Romulus housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 3.2%, 3 bedroom homes increased by 11%, 4 bedroom homes increased by 12.1%, and 5+ bedroom homes increased by 11%.

Median Sold Price Compared To Nearby Cities

Wayne
+16.3%
Taylor
+11.8%
Romulus
+11.5%
Westland
+9.1%
Huron Charter Township
+5.6%

Housing Supply in Romulus, MI

How many homes are available in Romulus, MI?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
8679-8.1%

Summary: The Romulus real estate market had 79 homes for sale in November 2024, a 8.1% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 11
0.0%
2 1211
-8.3%
3 5750
-12.3%
4 1313
0.0%
5+ 34
+33.3%

Summary: The Romulus housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 8.3%, 3 bedroom homes decreased by 12.3%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 33.3%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
2420-16.7%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

10 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Romulus, you could pay more than the asking price. 50% of homes here sold above asking price last month.

Summary: A total of 20 homes were sold or pending in Romulus in November 2024, down by 16.7% month-over-month. Of the 20 sold homes, 40% were sold under asking, 10% were sold at asking, and 50% were sold over asking.

Days on Market for Romulus, MI

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

Average Sale Time

Nov 2023Nov 2024CHANGE
23 Days18 Days-18.8%

Summary: Homes in Romulus had an average of 18 days on market in Nov 2024, down by 18.8% compared to last year.

Breakdown of Home Sale Times

17 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 20 homes were sold in Romulus; 85% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 5% 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 13 Days Ago

Newest Listings in Romulus, MI

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