Is Richfield Township, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Richfield Township is a neutral's market

Buyer's
Market

Difference Since October 2023

At the same time last year, Richfield Township was a Seller's Market.

Key Takeaway

Richfield Township 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 Richfield Township, MI

How much do homes in Richfield Township, MI cost?

Median Sold Price

$130,000

$124/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$20,000(+18.2%)

Key Takeaway

Homes in Richfield Township have sold for 18.2% more than they did a year ago.

Summary: The median home sold price in Richfield Township was $130,000 in October 2024, up 18.2% from last year, and the median price per square foot was $124.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $73.5K$64K
-12.9%
2 $98.2K$110.7K
+12.7%
3 $130K$165K
+26.9%
4 $199.9K$262K
+31.0%
5+ --
N/A

Summary: Richfield Township housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 12.9%, 2 bedroom homes increased by 12.7%, 3 bedroom homes increased by 26.9%, 4 bedroom homes increased by 31%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Cities

Richfield Township
+18.2%
Saint Helen
+17.9%

Housing Supply in Richfield Township, MI

How many homes are available in Richfield Township, MI?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
4948-2.0%

Summary: The Richfield Township real estate market had 48 homes for sale in October 2024, a 2.0% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 44
0.0%
2 2323
0.0%
3 1413
-7.1%
4 77
0.0%
5+ 11
0.0%

Summary: The Richfield Township housing inventory by bedroom type for October 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 7.1%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
880.0%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

4 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Richfield Township, 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 Richfield Township in October 2024, the same as the previous month. Of the 8 sold homes, 50% were sold under asking, 0% were sold at asking, and 50% were sold over asking.

Days on Market for Richfield Township, MI

How long does it take to sell a home in Richfield Township, MI?

Average Sale Time

Oct 2023Oct 2024CHANGE
50 Days20 Days-60.0%

Summary: Homes in Richfield Township had an average of 20 days on market in Oct 2024, down by 60% compared to last year.

Breakdown of Home Sale Times

1 Home Was Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Richfield Township are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 8 homes were sold in Richfield Township; 13% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 20 Days Ago

Newest Listings in Richfield Township, MI

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