Is Richmond, RI 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 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, RI
How much do homes in Richmond, RI cost?
Median Sold Price
$433,700
$253/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Richmond have sold for 3.8% more than they did a year ago.
Summary: The median home sold price in Richmond was $433,700 in April 2024, up 3.8% from last year, and the median price per square foot was $253.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $260K | N/A |
| 2 Bedrooms | $335K | $322.5K | -3.7% |
| 3 Bedrooms | $432.5K | $477.5K | +10.4% |
| 4 Bedrooms | $540K | $649K | +20.2% |
| 5+ Bedrooms | - | $5.8M | N/A |
Summary: Richmond 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 decreased by 3.7%, 3 bedroom homes increased by 10.4%, 4 bedroom homes increased by 20.2%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Richmond | $417.7K | $433.7K | +3.8% |
| Charlestown | $615K | $560K | -8.9% |
Housing Supply in Richmond, RI
How many homes are available in Richmond, RI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 25 | 28 | +12.0% |
Summary: The Richmond real estate market had 28 homes for sale in April 2024, a 12.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 6 | 8 | +33.3% |
| 3 Bedrooms | 13 | 14 | +7.7% |
| 4 Bedrooms | 6 | 6 | 0.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Richmond housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 33.3%, 3 bedroom homes increased by 7.7%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 2 | 10 | +400.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Richmond, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 10 homes were sold or pending in Richmond in April 2024, up by 400.0% month-over-month. Of the 10 sold homes, 30% were sold under asking, 20% were sold at asking, and 50% were sold over asking.
Days on Market for Richmond, RI
How long does it take to sell a home in Richmond, RI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 85 Days | 24 Days | -70.9% |
Summary: Homes in Richmond had an average of 24 days on market in Apr 2024, down by 70.9% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 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 April 2024, 10 homes were sold in Richmond; 70% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
