Is Richland, 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, Richland has remained a Neutral Market.
Key Takeaway
Richland is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Richland, MI
How much do homes in Richland, MI cost?
Median Sold Price
$350,000
$217/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
The sold price of homes in Richland has remained the same since last year.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $38K | - | N/A |
| 2 Bedrooms | $315K | $352.5K | +11.9% |
| 3 Bedrooms | $270K | $319.9K | +18.5% |
| 4 Bedrooms | $359.9K | $335K | -6.9% |
| 5+ Bedrooms | $551K | $768.8K | +39.5% |
Summary: Richland 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 11.9%, 3 bedroom homes increased by 18.5%, 4 bedroom homes decreased by 6.9%, and 5+ bedroom homes increased by 39.5%.
Median Sold Price Compared To Nearby Cities
| Richland | $350.1K | $350K | 0% |
| Richland Township | $353.4K | $352.5K | -0.3% |
Housing Supply in Richland, MI
How many homes are available in Richland, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 57 | 56 | -1.8% |
Summary: The Richland real estate market had 56 homes for sale in May 2024, a 1.8% 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 | 7 | 7 | 0.0% |
| 3 Bedrooms | 17 | 19 | +11.8% |
| 4 Bedrooms | 23 | 20 | -13.0% |
| 5+ Bedrooms | 10 | 10 | 0.0% |
Summary: The Richland 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 remained the same, 3 bedroom homes increased by 11.8%, 4 bedroom homes decreased by 13%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 18 | 8 | -55.6% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Richland, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 8 homes were sold or pending in Richland in May 2024, down by 55.6% month-over-month. Of the 8 sold homes, 50% were sold under asking, 38% were sold at asking, and 13% were sold over asking.
Days on Market for Richland, MI
How long does it take to sell a home in Richland, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 25 Days | 108 Days | +318.2% |
Summary: Homes in Richland had an average of 108 days on market in May 2024, up by 318.2% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Richland are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 8 homes were sold in Richland; 50% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 38% of homes were sold over 90 days.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.
Listing information is provided in part by the IDX Program of the MLS of the Greater Lansing Association of REALTORS®. IDX information is provided exclusively for Consumers' personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties Consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS.
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.