Is Richmond, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Richmond was a Buyer'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, MI
How much do homes in Richmond, MI cost?
Median Sold Price
$322,500
$193/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Richmond have sold for 29% more than they did a year ago.
Summary: The median home sold price in Richmond was $322,500 in May 2024, up 29% from last year, and the median price per square foot was $193.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $90K | N/A |
| 2 Bedrooms | $207.5K | $252K | +21.4% |
| 3 Bedrooms | $245K | $390K | +59.2% |
| 4 Bedrooms | $327.5K | $320K | -2.3% |
| 5+ Bedrooms | $375K | - | N/A |
Summary: Richmond 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 21.4%, 3 bedroom homes increased by 59.2%, 4 bedroom homes decreased by 2.3%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Richmond | $250K | $322.5K | +29.0% |
| Richmond Township | $251.4K | $320K | +27.3% |
| Lenox Township | $273.5K | $290K | +6.0% |
Housing Supply in Richmond, MI
How many homes are available in Richmond, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 45 | 43 | -4.4% |
Summary: The Richmond real estate market had 43 homes for sale in May 2024, a 4.4% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 9 | 8 | -11.1% |
| 3 Bedrooms | 27 | 27 | 0.0% |
| 4 Bedrooms | 5 | 4 | -20.0% |
| 5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The Richmond 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 11.1%, 3 bedroom homes remained the same, 4 bedroom homes decreased by 20%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 7 | 11 | +57.1% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Richmond, 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 Richmond in May 2024, up by 57.1% month-over-month. Of the 11 sold homes, 45% were sold under asking, 18% were sold at asking, and 36% were sold over asking.
Days on Market for Richmond, MI
How long does it take to sell a home in Richmond, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 16 Days | 23 Days | +46.0% |
Summary: Homes in Richmond had an average of 23 days on market in May 2024, up by 46% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
4 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 May 2024, 11 homes were sold in Richmond; 64% of homes were sold within 30 days, 36% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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