$2,908 Closing Credit*
$244,900
2,392 SqFt
3 Beds
•1 Full Bath, 1 Partial
Listing Office: RE/MAX Results
Is Richmond, MN 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 has remained a Seller's Market.
Key Takeaway
Richmond is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Richmond, MN
How much do homes in Richmond, MN cost?
Median Sold Price
$342,000
$195/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$12,050(+3.7%)
Key Takeaway
Homes in Richmond have sold for 3.7% more than they did a year ago.
Summary: The median home sold price in Richmond was $342,000 in October 2024, up 3.7% from last year, and the median price per square foot was $195.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $130.7K | $121.2K | -7.3% |
| 2 Bedrooms | $251.2K | $289K | +15.0% |
| 3 Bedrooms | $370K | $319K | -13.8% |
| 4 Bedrooms | $522.5K | $479.5K | -8.2% |
| 5+ Bedrooms | $231K | $422.5K | +82.9% |
Summary: Richmond housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 7.3%, 2 bedroom homes increased by 15%, 3 bedroom homes decreased by 13.8%, 4 bedroom homes decreased by 8.2%, and 5+ bedroom homes increased by 82.9%.
Median Sold Price Compared To Nearby Cities
| Munson Township | $345K | $454.5K | +31.7% |
| Richmond | $329.9K | $342K | +3.7% |
Housing Supply in Richmond, MN
How many homes are available in Richmond, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 31 | 30 | -3.2% |
Summary: The Richmond real estate market had 30 homes for sale in October 2024, a 3.2% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 2 | 2 | 0.0% |
| 3 Bedrooms | 16 | 15 | -6.3% |
| 4 Bedrooms | 9 | 9 | 0.0% |
| 5+ Bedrooms | 3 | 2 | -33.3% |
Summary: The Richmond housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes remained the same, 3 bedroom homes decreased by 6.3%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 33.3%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 8 | 6 | -25.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Richmond, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.
Summary: A total of 6 homes were sold or pending in Richmond in October 2024, down by 25.0% month-over-month. Of the 6 sold homes, 67% were sold under asking, 0% were sold at asking, and 33% were sold over asking.
Days on Market for Richmond, MN
How long does it take to sell a home in Richmond, MN?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 56 Days | 46 Days | -17.8% |
Summary: Homes in Richmond had an average of 46 days on market in Oct 2024, down by 17.8% compared to last year.
Breakdown of Home Sale Times
3 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 Richmond are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 6 homes were sold in Richmond; 50% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.
