Is Richland Township, 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, Richland Township was a Neutral Market.
Housing Prices in Richland Township, MI
How much do homes in Richland Township, MI cost?
Median Sold Price
$306,250
$191/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Richland Township was $306,250 in May 2024, down 2.8% from last year, and the median price per square foot was $191.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $38K | - | N/A |
2 Bedrooms | $301K | $177K | -41.2% |
3 Bedrooms | $255K | $285K | +11.8% |
4 Bedrooms | $355K | $311.5K | -12.2% |
5+ Bedrooms | $560.5K | $768.8K | +37.2% |
Summary: Richland Township 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 decreased by 41.2%, 3 bedroom homes increased by 11.8%, 4 bedroom homes decreased by 12.2%, and 5+ bedroom homes increased by 37.2%.
Median Sold Price Compared To Nearby Cities
Ingersoll Township | $182.4K | $240K | +31.5% |
Thomas Township | $193.5K | $204.5K | +5.7% |
Hemlock | $170K | $176K | +3.5% |
Richland Township | $315K | $306.2K | -2.8% |
Freeland | $300K | $276.5K | -7.8% |
Housing Supply in Richland Township, MI
How many homes are available in Richland Township, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
71 | 67 | -5.6% |
Summary: The Richland Township real estate market had 67 homes for sale in May 2024, a 5.6% 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 | 8 | 8 | 0.0% |
3 Bedrooms | 25 | 24 | -4.0% |
4 Bedrooms | 28 | 24 | -14.3% |
5+ Bedrooms | 10 | 11 | +10.0% |
Summary: The Richland Township 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 decreased by 4%, 4 bedroom homes decreased by 14.3%, and 5+ bedroom homes increased by 10%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
23 | 13 | -43.5% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Summary: A total of 13 homes were sold or pending in Richland Township in May 2024, down by 43.5% month-over-month. Of the 13 sold homes, 46% were sold under asking, 31% were sold at asking, and 23% were sold over asking.
Days on Market for Richland Township, MI
How long does it take to sell a home in Richland Township, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
33 Days | 81 Days | +142.1% |
Summary: Homes in Richland Township had an average of 81 days on market in May 2024, up by 142.1% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Summary: During May 2024, 13 homes were sold in Richland Township; 46% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 31% of homes were sold over 90 days.