$2,672 Closing Credit*
$225,000
Bradley Thomson, Listing Office: Vantage Realty Group, LLC
Is Richmond Township, 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 Township was a Seller's Market.
Key Takeaway
Richmond Township is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Richmond Township, MI
How much do homes in Richmond Township, MI cost?
Median Sold Price
$287,000
$158/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$37,000(+14.8%)
Key Takeaway
Homes in Richmond Township have sold for 14.8% more than they did a year ago.
Summary: The median home sold price in Richmond Township was $287,000 in November 2024, up 14.8% from last year, and the median price per square foot was $158.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $188K | $245K | +30.3% |
| 3 Bedrooms | $295.5K | $299.9K | +1.5% |
| 4 Bedrooms | $269.9K | $303K | +12.3% |
| 5+ Bedrooms | $381.5K | $360K | -5.6% |
Summary: Richmond Township 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 30.3%, 3 bedroom homes increased by 1.5%, 4 bedroom homes increased by 12.3%, and 5+ bedroom homes decreased by 5.6%.
Median Sold Price Compared To Nearby Cities
| Richmond Township | $250K | $287K | +14.8% |
| Hersey Township | $171K | $195K | +14.0% |
| Reed City | $151K | $169.5K | +12.3% |
| Lincoln Township | $150K | $165K | +10.0% |
Housing Supply in Richmond Township, MI
How many homes are available in Richmond Township, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 54 | 51 | -5.6% |
Summary: The Richmond Township real estate market had 51 homes for sale in November 2024, a 5.6% 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 | 34 | 31 | -8.8% |
| 4 Bedrooms | 10 | 9 | -10.0% |
| 5+ Bedrooms | 4 | 3 | -25.0% |
Summary: The Richmond Township 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 8.8%, 4 bedroom homes decreased by 10%, and 5+ bedroom homes decreased by 25%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 14 | 7 | -50.0% |
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 Township, 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 Township in November 2024, down by 50.0% 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 Township, MI
How long does it take to sell a home in Richmond Township, MI?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 66 Days | 50 Days | -23.2% |
Summary: Homes in Richmond Township 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 Township are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 7 homes were sold in Richmond Township; 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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