$2,672 Closing Credit*
$225,000
1,474 SqFt
3 Beds
•2 Full Baths
Therese Antonelli, Listing Office: Moving The Mitten RE Group Inc
Is Romulus, 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, Romulus has remained a Seller's Market.
Key Takeaway
Romulus is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Romulus, MI
How much do homes in Romulus, MI cost?
Median Sold Price
$205,000
$158/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$28,000(+15.8%)
Key Takeaway
Homes in Romulus have sold for 15.8% more than they did a year ago.
Summary: The median home sold price in Romulus was $205,000 in October 2024, up 15.8% from last year, and the median price per square foot was $158.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $155K | $147.5K | -4.8% |
| 3 Bedrooms | $172.1K | $197K | +14.4% |
| 4 Bedrooms | $282K | $340K | +20.6% |
| 5+ Bedrooms | $355K | $325K | -8.5% |
Summary: Romulus 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 4.8%, 3 bedroom homes increased by 14.4%, 4 bedroom homes increased by 20.6%, and 5+ bedroom homes decreased by 8.5%.
Median Sold Price Compared To Nearby Cities
| Romulus | $177K | $205K | +15.8% |
| Wayne | $148K | $171.1K | +15.6% |
| Taylor | $155K | $173.1K | +11.7% |
| Westland | $194.8K | $210K | +7.8% |
| Huron Charter Township | $330K | $339.9K | +3.0% |
Housing Supply in Romulus, MI
How many homes are available in Romulus, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 83 | 83 | 0.0% |
Summary: The Romulus real estate market had 83 homes for sale in October 2024, the same as September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 10 | 12 | +20.0% |
| 3 Bedrooms | 56 | 55 | -1.8% |
| 4 Bedrooms | 13 | 12 | -7.7% |
| 5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The Romulus 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 20%, 3 bedroom homes decreased by 1.8%, 4 bedroom homes decreased by 7.7%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 21 | 23 | +9.5% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
10 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Romulus, expect to pay close to the asking price. 43.5% of homes here sold near the asking price last month.
Summary: A total of 23 homes were sold or pending in Romulus in October 2024, up by 9.5% month-over-month. Of the 23 sold homes, 35% were sold under asking, 43% were sold at asking, and 22% were sold over asking.
Days on Market for Romulus, MI
How long does it take to sell a home in Romulus, MI?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 21 Days | 35 Days | +69.5% |
Summary: Homes in Romulus had an average of 35 days on market in Oct 2024, up by 69.5% compared to last year.
Breakdown of Home Sale Times
13 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Romulus are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 23 homes were sold in Romulus; 57% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 13% 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.