$4,036 Closing Credit*
$339,900
3,382 SqFt
4 Beds
•3 Full Baths, 2 Partial
John Selby, Listing Office: AMC Realty Corporation
Is Richmond, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
At the same time last year, Richmond was a Seller's Market.
Key Takeaway
Richmond 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 Richmond, MI
How much do homes in Richmond, MI cost?
Median Sold Price
$299,900
$176/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$19,900(+7.1%)
Key Takeaway
Homes in Richmond have sold for 7.1% more than they did a year ago.
Summary: The median home sold price in Richmond was $299,900 in November 2024, up 7.1% from last year, and the median price per square foot was $176.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $221K | $245K | +10.9% |
| 3 Bedrooms | $315K | $304.5K | -3.3% |
| 4 Bedrooms | $315K | $340K | +7.9% |
| 5+ Bedrooms | $381.5K | $330K | -13.5% |
Summary: Richmond housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 10.9%, 3 bedroom homes decreased by 3.3%, 4 bedroom homes increased by 7.9%, and 5+ bedroom homes decreased by 13.5%.
Median Sold Price Compared To Nearby Cities
| Richmond | $280K | $299.9K | +7.1% |
| Richmond Township | $281K | $299.9K | +6.7% |
| Lenox Township | $307.5K | $308K | 0.2% |
Housing Supply in Richmond, MI
How many homes are available in Richmond, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 47 | 46 | -2.1% |
Summary: The Richmond real estate market had 46 homes for sale in November 2024, a 2.1% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 6 | 8 | +33.3% |
| 3 Bedrooms | 29 | 27 | -6.9% |
| 4 Bedrooms | 10 | 9 | -10.0% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Richmond housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 33.3%, 3 bedroom homes decreased by 6.9%, 4 bedroom homes decreased by 10%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 11 | 7 | -36.4% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Richmond, you may be able to get a good deal. 57.1% of homes here sold below asking price last month.
Summary: A total of 7 homes were sold or pending in Richmond in November 2024, down by 36.4% month-over-month. Of the 7 sold homes, 57% were sold under asking, 0% were sold at asking, and 43% were sold over asking.
Days on Market for Richmond, MI
How long does it take to sell a home in Richmond, MI?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 66 Days | 50 Days | -23.2% |
Summary: Homes in Richmond had an average of 50 days on market in Nov 2024, down by 23.2% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Richmond are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 7 homes were sold in Richmond; 43% of homes were sold within 30 days, 43% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. 
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