Is Romulus, 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, 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
$195,000
$155/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Romulus have sold for 13.3% more than they did a year ago.
Summary: The median home sold price in Romulus was $195,000 in March 2024, up 13.3% from last year, and the median price per square foot was $155.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $125K | N/A |
| 2 Bedrooms | $150K | $159K | +6.0% |
| 3 Bedrooms | $165K | $181.7K | +10.2% |
| 4 Bedrooms | $272.5K | $316K | +16.0% |
| 5+ Bedrooms | $340K | $418K | +22.9% |
Summary: Romulus 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 increased by 6%, 3 bedroom homes increased by 10.2%, 4 bedroom homes increased by 16%, and 5+ bedroom homes increased by 22.9%.
Median Sold Price Compared To Nearby Cities
| Romulus | $172K | $195K | +13.3% |
| Taylor | $149.7K | $165K | +10.2% |
| Wayne | $146.5K | $161K | +9.8% |
| Huron Charter Township | $304.3K | $330K | +8.4% |
| Westland | $190K | $200K | +5.3% |
Housing Supply in Romulus, MI
How many homes are available in Romulus, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 60 | 67 | +11.7% |
Summary: The Romulus real estate market had 67 homes for sale in March 2024, a 11.7% 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 | 6 | 6 | 0.0% |
| 3 Bedrooms | 34 | 43 | +26.5% |
| 4 Bedrooms | 17 | 16 | -5.9% |
| 5+ Bedrooms | 3 | 2 | -33.3% |
Summary: The Romulus 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 remained the same, 3 bedroom homes increased by 26.5%, 4 bedroom homes decreased by 5.9%, and 5+ bedroom homes decreased by 33.3%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 15 | 20 | +33.3% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
13 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Romulus, you could pay more than the asking price. 65% of homes here sold above asking price last month.
Summary: A total of 20 homes were sold or pending in Romulus in March 2024, up by 33.3% month-over-month. Of the 20 sold homes, 20% were sold under asking, 15% were sold at asking, and 65% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 50 Days | 23 Days | -54.0% |
Summary: Homes in Romulus had an average of 23 days on market in Mar 2024, down by 54% compared to last year.
Breakdown of Home Sale Times
14 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Romulus are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 20 homes were sold in Romulus; 70% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
