Is Riverview, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Riverview has remained a Seller's Market.
Key Takeaway
Riverview is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Riverview, MI
How much do homes in Riverview, MI cost?
Median Sold Price
$194,750
$155/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Riverview have sold for 6.1% less than they did a year ago.
Summary: The median home sold price in Riverview was $194,750 in May 2024, down 6.1% from last year, and the median price per square foot was $155.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $175K | $175.5K | 0.3% |
| 3 Bedrooms | $194.9K | $179.4K | -7.9% |
| 4 Bedrooms | $280K | $290.5K | +3.8% |
| 5+ Bedrooms | $329.9K | $387K | +17.3% |
Summary: Riverview housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 0.3%, 3 bedroom homes decreased by 7.9%, 4 bedroom homes increased by 3.8%, and 5+ bedroom homes increased by 17.3%.
Median Sold Price Compared To Nearby Cities
| Wyandotte | $169.9K | $185.6K | +9.2% |
| Southgate | $175K | $185K | +5.7% |
| Grosse Ile Township | $351.5K | $368K | +4.7% |
| Trenton | $219.9K | $225K | +2.3% |
| Riverview | $207.5K | $194.7K | -6.1% |
Housing Supply in Riverview, MI
How many homes are available in Riverview, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 25 | 36 | +44.0% |
Summary: The Riverview real estate market had 36 homes for sale in May 2024, a 44.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 6 | 5 | -16.7% |
| 3 Bedrooms | 10 | 19 | +90.0% |
| 4 Bedrooms | 8 | 8 | 0.0% |
| 5+ Bedrooms | 1 | 4 | +300.0% |
Summary: The Riverview housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 16.7%, 3 bedroom homes increased by 90%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 300%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 5 | 11 | +120.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Riverview, you may be able to get a good deal. 45.5% of homes here sold below asking price last month.
Summary: A total of 11 homes were sold or pending in Riverview in May 2024, up by 120.0% month-over-month. Of the 11 sold homes, 45% were sold under asking, 9% were sold at asking, and 45% were sold over asking.
Days on Market for Riverview, MI
How long does it take to sell a home in Riverview, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 9 Days | 15 Days | +72.0% |
Summary: Homes in Riverview had an average of 15 days on market in May 2024, up by 72% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Riverview are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 11 homes were sold in Riverview; 82% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
