$2,138 Closing Credit*
$180,000
1,370 SqFt
2 Beds
•1 Full Bath
Jennifer Arnold, Listing Office: Real Estate One-Clinton Twp
Is Richmond Township, 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, Richmond Township has remained a Seller's Market.
Key Takeaway
Richmond Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Richmond Township, MI
How much do homes in Richmond Township, MI cost?
Median Sold Price
$286,500
$178/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$36,500(+14.6%)
Key Takeaway
Homes in Richmond Township have sold for 14.6% more than they did a year ago.
Summary: The median home sold price in Richmond Township was $286,500 in October 2024, up 14.6% from last year, and the median price per square foot was $178.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $194K | $225K | +16.0% |
| 3 Bedrooms | $245K | $297.4K | +21.4% |
| 4 Bedrooms | $269.9K | $296K | +9.7% |
| 5+ Bedrooms | $433K | $360K | -16.9% |
Summary: Richmond Township 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 increased by 16%, 3 bedroom homes increased by 21.4%, 4 bedroom homes increased by 9.7%, and 5+ bedroom homes decreased by 16.9%.
Median Sold Price Compared To Nearby Cities
| Hersey Township | $171K | $205K | +19.9% |
| Richmond Township | $250K | $286.5K | +14.6% |
| Reed City | $152K | $165K | +8.6% |
Housing Supply in Richmond Township, MI
How many homes are available in Richmond Township, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 53 | 59 | +11.3% |
Summary: The Richmond Township real estate market had 59 homes for sale in October 2024, a 11.3% increase 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 | 8 | 8 | 0.0% |
| 3 Bedrooms | 34 | 34 | 0.0% |
| 4 Bedrooms | 7 | 9 | +28.6% |
| 5+ Bedrooms | 4 | 8 | +100.0% |
Summary: The Richmond 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 remained the same, 4 bedroom homes increased by 28.6%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 8 | 14 | +75.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Richmond Township, you could pay more than the asking price. 42.9% of homes here sold above asking price last month.
Summary: A total of 14 homes were sold or pending in Richmond Township in October 2024, up by 75.0% month-over-month. Of the 14 sold homes, 29% were sold under asking, 29% were sold at asking, and 43% were sold over asking.
Days on Market for Richmond Township, MI
How long does it take to sell a home in Richmond Township, MI?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 83 Days | 33 Days | -60.0% |
Summary: Homes in Richmond Township had an average of 33 days on market in Oct 2024, down by 60% compared to last year.
Breakdown of Home Sale Times
11 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Richmond Township are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 14 homes were sold in Richmond Township; 79% of homes were sold within 30 days, 7% 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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