Is Richmond, WI 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 Seller's Market.
Key Takeaway
Richmond is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Richmond, WI
How much do homes in Richmond, WI cost?
Median Sold Price
$440,000
$204/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Richmond have sold for 10% more than they did a year ago.
Summary: The median home sold price in Richmond was $440,000 in May 2024, up 10% from last year, and the median price per square foot was $204.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $305K | $345K | +13.1% |
| 3 Bedrooms | $400K | $429.6K | +7.4% |
| 4 Bedrooms | $450K | $465K | +3.3% |
| 5+ Bedrooms | $400K | $490K | +22.5% |
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 13.1%, 3 bedroom homes increased by 7.4%, 4 bedroom homes increased by 3.3%, and 5+ bedroom homes increased by 22.5%.
Median Sold Price Compared To Nearby Cities
| Richmond | $400K | $440K | +10.0% |
| New Richmond | $345K | $361.6K | +4.8% |
Housing Supply in Richmond, WI
How many homes are available in Richmond, WI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 36 | 45 | +25.0% |
Summary: The Richmond real estate market had 45 homes for sale in May 2024, a 25.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 2 | +100.0% |
| 2 Bedrooms | 1 | 5 | +400.0% |
| 3 Bedrooms | 17 | 12 | -29.4% |
| 4 Bedrooms | 12 | 17 | +41.7% |
| 5+ Bedrooms | 6 | 9 | +50.0% |
Summary: The Richmond housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 400%, 3 bedroom homes decreased by 29.4%, 4 bedroom homes increased by 41.7%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 7 | 5 | -28.6% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Richmond, expect to pay close to the asking price. 60% of homes here sold near the asking price last month.
Summary: A total of 5 homes were sold or pending in Richmond in May 2024, down by 28.6% month-over-month. Of the 5 sold homes, 40% were sold under asking, 60% were sold at asking, and 0% were sold over asking.
Days on Market for Richmond, WI
How long does it take to sell a home in Richmond, WI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 64 Days | 21 Days | -66.5% |
Summary: Homes in Richmond had an average of 21 days on market in May 2024, down by 66.5% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
1 Home Was 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, 5 homes were sold in Richmond; 40% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
