Is Richmond Heights, OH a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Richmond Heights is a seller's market

Buyer's
Market

Difference Since February 2023

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

Key Takeaway

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

Housing Prices in Richmond Heights, OH

How much do homes in Richmond Heights, OH cost?

Median Sold Price

$217,000

$105/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$16,750(+8.4%)

Key Takeaway

Homes in Richmond Heights have sold for 8.4% more than they did a year ago.

Summary: The median home sold price in Richmond Heights was $217,000 in February 2024, up 8.4% from last year, and the median price per square foot was $105.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 --
N/A
2 $151.9K$172.5K
+13.5%
3 $185K$208.9K
+12.9%
4 $250K$265K
+6.0%
5+ $357.4K$393.2K
+10.0%

Summary: Richmond Heights housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 13.5%, 3 bedroom homes increased by 12.9%, 4 bedroom homes increased by 6%, and 5+ bedroom homes increased by 10%.

Median Sold Price Compared To Nearby Cities

Willoughby Hills
+17.9%
Highland Heights
+12.1%
Richmond Heights
+8.4%
Euclid
+5.3%

Housing Supply in Richmond Heights, OH

How many homes are available in Richmond Heights, OH?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
3330-9.1%

Summary: The Richmond Heights real estate market had 30 homes for sale in February 2024, a 9.1% decrease compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 00
0.0%
2 00
0.0%
3 2119
-9.5%
4 1110
-9.1%
5+ 11
0.0%

Summary: The Richmond Heights housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 9.5%, 4 bedroom homes decreased by 9.1%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
610+66.7%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Richmond Heights, you may be able to get a good deal. 70% of homes here sold below asking price last month.

Summary: A total of 10 homes were sold or pending in Richmond Heights in February 2024, up by 66.7% month-over-month. Of the 10 sold homes, 70% were sold under asking, 20% were sold at asking, and 10% were sold over asking.

Days on Market for Richmond Heights, OH

How long does it take to sell a home in Richmond Heights, OH?

Average Sale Time

Feb 2023Feb 2024CHANGE
39 Days92 Days+135.4%

Summary: Homes in Richmond Heights had an average of 92 days on market in Feb 2024, up by 135.4% compared to last year.

Breakdown of Home Sale Times

1 Home Was Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

5 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Most homes in Richmond Heights are taking a long time to sell, it's a good idea to negotiate on homes here.

Summary: During February 2024, 10 homes were sold in Richmond Heights; 10% of homes were sold within 30 days, 40% of homes were sold within 30 to 90 days, and 50% 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 Heights, OH

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