$1,959 Closing Credit*
$165,000
1,418 SqFt
4 Beds
•1 Full Bath
Emily E Wilke, Listing Office: Michigan Lifestyle Properties / Gull Lake Realty
Is Richland, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, Richland has remained a Seller's Market.
Key Takeaway
Richland is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Richland, MI
How much do homes in Richland, MI cost?
Median Sold Price
$355,000
$222/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$5,000(+1.4%)
Key Takeaway
Homes in Richland have sold for 1.4% more than they did a year ago.
Summary: The median home sold price in Richland was $355,000 in October 2024, up 1.4% from last year, and the median price per square foot was $222.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $369.9K | $325K | -12.1% |
| 3 Bedrooms | $290K | $316.7K | +9.2% |
| 4 Bedrooms | $350K | $345.5K | -1.3% |
| 5+ Bedrooms | $770.4K | $616.4K | -20.0% |
Summary: Richland housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 12.1%, 3 bedroom homes increased by 9.2%, 4 bedroom homes decreased by 1.3%, and 5+ bedroom homes decreased by 20%.
Median Sold Price Compared To Nearby Cities
| Richland Township | $350K | $357.5K | +2.1% |
| Richland | $350K | $355K | +1.4% |
Housing Supply in Richland, MI
How many homes are available in Richland, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 62 | 61 | -1.6% |
Summary: The Richland real estate market had 61 homes for sale in October 2024, a 1.6% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 7 | 8 | +14.3% |
| 3 Bedrooms | 18 | 20 | +11.1% |
| 4 Bedrooms | 25 | 23 | -8.0% |
| 5+ Bedrooms | 12 | 10 | -16.7% |
Summary: The Richland 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 increased by 14.3%, 3 bedroom homes increased by 11.1%, 4 bedroom homes decreased by 8%, and 5+ bedroom homes decreased by 16.7%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 8 | 15 | +87.5% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Richland, you may be able to get a good deal. 46.7% of homes here sold below asking price last month.
Summary: A total of 15 homes were sold or pending in Richland in October 2024, up by 87.5% month-over-month. Of the 15 sold homes, 47% were sold under asking, 33% were sold at asking, and 20% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 19 Days | 89 Days | +360.5% |
Summary: Homes in Richland had an average of 89 days on market in Oct 2024, up by 360.5% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Richland has remained consistent over time.
Summary: During October 2024, 15 homes were sold in Richland; 33% of homes were sold within 30 days, 40% of homes were sold within 30 to 90 days, and 27% of homes were sold over 90 days.
