Is Richmond Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Richmond Township has remained a Seller's Market.
Housing Prices in Richmond Township, MI
How much do homes in Richmond Township, MI cost?
Median Sold Price
$277,450
$174/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Richmond Township was $277,450 in April 2024, up 70.2% from last year, and the median price per square foot was $174.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $92.6K | - | N/A |
2 Bedrooms | $164K | $230K | +40.2% |
3 Bedrooms | $157.5K | $330K | +109.5% |
4 Bedrooms | $250K | $269.9K | +8.0% |
5+ Bedrooms | $433K | $275K | -36.5% |
Summary: Richmond Township housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 40.2%, 3 bedroom homes increased by 109.5%, 4 bedroom homes increased by 8%, and 5+ bedroom homes decreased by 36.5%.
Median Sold Price Compared To Nearby Cities
Richmond Township | $163K | $277.4K | +70.2% |
Reed City | $136K | $165K | +21.3% |
Lincoln Township | $139.3K | $152.5K | +9.4% |
Hersey Township | $170.5K | $166K | -2.6% |
Hersey | $169.5K | $165K | -2.7% |
Housing Supply in Richmond Township, MI
How many homes are available in Richmond Township, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
23 | 39 | +69.6% |
Summary: The Richmond Township real estate market had 39 homes for sale in April 2024, a 69.6% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 1 | +100.0% |
2 Bedrooms | 4 | 8 | +100.0% |
3 Bedrooms | 11 | 19 | +72.7% |
4 Bedrooms | 3 | 5 | +66.7% |
5+ Bedrooms | 5 | 6 | +20.0% |
Summary: The Richmond Township housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 100%, 3 bedroom homes increased by 72.7%, 4 bedroom homes increased by 66.7%, and 5+ bedroom homes increased by 20%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
6 | 7 | +16.7% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
3 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Summary: A total of 7 homes were sold or pending in Richmond Township in April 2024, up by 16.7% month-over-month. Of the 7 sold homes, 14% were sold under asking, 43% were sold at asking, and 43% were sold over asking.
Days on Market for Richmond Township, MI
How long does it take to sell a home in Richmond Township, MI?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
92 Days | 37 Days | -59.9% |
Summary: Homes in Richmond Township had an average of 37 days on market in Apr 2024, down by 59.9% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During April 2024, 7 homes were sold in Richmond Township; 71% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 29% of homes were sold over 90 days.