Is Romeo, 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, Romeo has remained a Seller's Market.
Key Takeaway
Romeo is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Romeo, MI
How much do homes in Romeo, MI cost?
Median Sold Price
$388,103
$218/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Romeo have sold for 26.8% more than they did a year ago.
Summary: The median home sold price in Romeo was $388,103 in May 2024, up 26.8% from last year, and the median price per square foot was $218.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $67.5K | $70K | +3.7% |
| 2 Bedrooms | $227.5K | $260K | +14.3% |
| 3 Bedrooms | $317.1K | $384.2K | +21.1% |
| 4 Bedrooms | $331K | $450K | +36.0% |
| 5+ Bedrooms | $312.5K | $220K | -29.6% |
Summary: Romeo housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3.7%, 2 bedroom homes increased by 14.3%, 3 bedroom homes increased by 21.1%, 4 bedroom homes increased by 36%, and 5+ bedroom homes decreased by 29.6%.
Median Sold Price Compared To Nearby Cities
| Romeo | $306K | $388.1K | +26.8% |
| Armada Township | $325K | $360K | +10.8% |
| Washington Township | $405K | $415K | +2.5% |
| Bruce Township | $400.5K | $408.2K | +1.9% |
| Washington | $429.5K | $425K | -1.1% |
Housing Supply in Romeo, MI
How many homes are available in Romeo, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 27 | 25 | -7.4% |
Summary: The Romeo real estate market had 25 homes for sale in May 2024, a 7.4% decrease 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 | 3 | 4 | +33.3% |
| 3 Bedrooms | 14 | 12 | -14.3% |
| 4 Bedrooms | 9 | 7 | -22.2% |
| 5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The Romeo 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 increased by 33.3%, 3 bedroom homes decreased by 14.3%, 4 bedroom homes decreased by 22.2%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 11 | 11 | 0.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Romeo, you could pay more than the asking price. 72.7% of homes here sold above asking price last month.
Summary: A total of 11 homes were sold or pending in Romeo in May 2024, the same as the previous month. Of the 11 sold homes, 18% were sold under asking, 9% were sold at asking, and 73% were sold over asking.
Days on Market for Romeo, MI
How long does it take to sell a home in Romeo, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 48 Days | 52 Days | +7.8% |
Summary: Homes in Romeo had an average of 52 days on market in May 2024, up by 7.8% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Romeo are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 11 homes were sold in Romeo; 73% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 18% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource.