Is Richmond, TX 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 has remained a Seller's Market.
Key Takeaway
Richmond is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Richmond, TX
How much do homes in Richmond, TX cost?
Median Sold Price
$388,530
$164/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Richmond have sold for 7.9% more than they did a year ago.
Summary: The median home sold price in Richmond was $388,530 in March 2024, up 7.9% from last year, and the median price per square foot was $164.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $300K | $317.5K | +5.8% |
| 3 Bedrooms | $298K | $315K | +5.7% |
| 4 Bedrooms | $413.5K | $429.9K | +4.0% |
| 5+ Bedrooms | $535K | $565K | +5.6% |
Summary: Richmond 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 5.8%, 3 bedroom homes increased by 5.7%, 4 bedroom homes increased by 4%, and 5+ bedroom homes increased by 5.6%.
Median Sold Price Compared To Nearby Cities
| Rosenberg | $288.5K | $315K | +9.2% |
| Richmond | $360K | $388.5K | +7.9% |
| Sugar Land | $425K | $433.5K | +2.0% |
| Rosenberg-Richmond | $342.9K | $343.7K | 0.2% |
| Fulshear-Simonton | $489.3K | $485.7K | -0.7% |
Housing Supply in Richmond, TX
How many homes are available in Richmond, TX?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 655 | 799 | +22.0% |
Summary: The Richmond real estate market had 799 homes for sale in March 2024, a 22.0% 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 | 23 | 30 | +30.4% |
| 3 Bedrooms | 183 | 229 | +25.1% |
| 4 Bedrooms | 347 | 415 | +19.6% |
| 5+ Bedrooms | 102 | 125 | +22.5% |
Summary: The Richmond 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 30.4%, 3 bedroom homes increased by 25.1%, 4 bedroom homes increased by 19.6%, and 5+ bedroom homes increased by 22.5%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 145 | 142 | -2.1% |
Asking Price vs. Sold Price
98 Homes Were Sold
Under Asking
22 Homes Were Sold
At Asking
22 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Richmond, you may be able to get a good deal. 69% of homes here sold below asking price last month.
Summary: A total of 142 homes were sold or pending in Richmond in March 2024, down by 2.1% month-over-month. Of the 142 sold homes, 69% were sold under asking, 15% were sold at asking, and 15% were sold over asking.
Days on Market for Richmond, TX
How long does it take to sell a home in Richmond, TX?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 47 Days | 42 Days | -9.3% |
Summary: Homes in Richmond had an average of 42 days on market in Mar 2024, down by 9.3% compared to last year.
Breakdown of Home Sale Times
77 Homes Were Sold
Under 30 Days
43 Homes Were Sold
In 30 - 90 Days
22 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Richmond are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 142 homes were sold in Richmond; 54% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 15% of homes were sold over 90 days.
Disclaimer: The MLS data is provided exclusively to Participants or Subscribers for display on their website solely for consumers’ personal, non-commercial use, that the MLS data may not be used for any purpose other than to display prospective properties consumers may be interested in purchasing or leasing. Information contained on the computer print-outs of the Multiple Listing Service (MLS) of the HOUSTON REALTORS® INFORMATION SERVICE (HRIS) is furnished by MLS Participants for dissemination to other MLS Participants, for their exclusive use, and should not be relied upon by Buyer/Tenant or any other person. There is no express or implied warranty by HRIS or MLS as to the accuracy of such information, which should be independently verified by Buyer/Tenant or such other person. MLS does not verify the information and disclaims any responsibility for its accuracy. Any estimate of value was prepared using automated processes and should not be considered a comparative market analysis (CMA) or appraisal. You may contact us to provide additional information and analysis for a more accurate estimate of the property's value. Digital images modified or enhanced to alter real property characteristics contain a visible and legible watermark across the bottom of the image “Image does not represent actual property as is”.