$3,266 Closing Credit*
$275,000
1,193 SqFt
3 Beds
•3 Full Baths
Christopher Wessel, Listing Office: Wessel Realty
Is Romeo, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
At the same time last year, Romeo was a Neutral Market.
Key Takeaway
Romeo is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Romeo, MI
How much do homes in Romeo, MI cost?
Median Sold Price
$375,000
$226/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$64,500(+20.8%)
Key Takeaway
Homes in Romeo have sold for 20.8% more than they did a year ago.
Summary: The median home sold price in Romeo was $375,000 in October 2024, up 20.8% from last year, and the median price per square foot was $226.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $77.5K | $60K | -22.6% |
| 2 Bedrooms | $249K | $260K | +4.4% |
| 3 Bedrooms | $312.5K | $402.3K | +28.7% |
| 4 Bedrooms | $400K | $471.9K | +18.0% |
| 5+ Bedrooms | $275K | $375K | +36.4% |
Summary: Romeo housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 22.6%, 2 bedroom homes increased by 4.4%, 3 bedroom homes increased by 28.7%, 4 bedroom homes increased by 18%, and 5+ bedroom homes increased by 36.4%.
Median Sold Price Compared To Nearby Cities
| Romeo | $310.5K | $375K | +20.8% |
| Bruce Township | $412.3K | $432.5K | +4.9% |
| Washington | $430K | $450K | +4.7% |
| Washington Township | $417.5K | $431.2K | +3.3% |
Housing Supply in Romeo, MI
How many homes are available in Romeo, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 20 | 19 | -5.0% |
Summary: The Romeo real estate market had 19 homes for sale in October 2024, a 5.0% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 3 | 1 | -66.7% |
| 3 Bedrooms | 11 | 13 | +18.2% |
| 4 Bedrooms | 3 | 3 | 0.0% |
| 5+ Bedrooms | 2 | 1 | -50.0% |
Summary: The Romeo 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 decreased by 66.7%, 3 bedroom homes increased by 18.2%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 50%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 6 | 5 | -16.7% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Romeo, you may be able to get a good deal. 80% of homes here sold below asking price last month.
Summary: A total of 5 homes were sold or pending in Romeo in October 2024, down by 16.7% month-over-month. Of the 5 sold homes, 80% were sold under asking, 20% were sold at asking, and 0% were sold over asking.
Days on Market for Romeo, MI
How long does it take to sell a home in Romeo, MI?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 25 Days | 49 Days | +93.4% |
Summary: Homes in Romeo had an average of 49 days on market in Oct 2024, up by 93.4% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Romeo are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 5 homes were sold in Romeo; 40% of homes were sold within 30 days, 40% of homes were sold within 30 to 90 days, and 20% 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.