$4,572 Closing Credit*
$385,000
3,001 SqFt
4 Beds
•2 Full Baths, 1 Partial
Shonnan Brown, Listing Office: Engel & Volkers Houston
Is Richmond, TX 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, Richmond was a Seller's Market.
Key Takeaway
Richmond is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Richmond, TX
How much do homes in Richmond, TX cost?
Median Sold Price
$383,539
$166/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
-$2,939(-0.8%)
Key Takeaway
Homes in Richmond have sold for 0.8% less than they did a year ago.
Summary: The median home sold price in Richmond was $383,539 in October 2024, down 0.8% from last year, and the median price per square foot was $166.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $305K | $328K | +7.5% |
| 3 Bedrooms | $314.8K | $320K | +1.6% |
| 4 Bedrooms | $429.9K | $420K | -2.3% |
| 5+ Bedrooms | $540K | $575K | +6.5% |
Summary: Richmond 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 7.5%, 3 bedroom homes increased by 1.6%, 4 bedroom homes decreased by 2.3%, and 5+ bedroom homes increased by 6.5%.
Median Sold Price Compared To Nearby Cities
| Rosenberg-Richmond | $345.2K | $355.7K | +3.0% |
| Sugar Land | $430.5K | $439.9K | +2.2% |
| Rosenberg | $311K | $316.2K | +1.7% |
| Fulshear-Simonton | $482.4K | $487K | +1.0% |
| Richmond | $386.4K | $383.5K | -0.8% |
Housing Supply in Richmond, TX
How many homes are available in Richmond, TX?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 877 | 995 | +13.5% |
Summary: The Richmond real estate market had 995 homes for sale in October 2024, a 13.5% increase 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 | 22 | 23 | +4.5% |
| 3 Bedrooms | 249 | 261 | +4.8% |
| 4 Bedrooms | 472 | 545 | +15.5% |
| 5+ Bedrooms | 133 | 164 | +23.3% |
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 increased by 4.5%, 3 bedroom homes increased by 4.8%, 4 bedroom homes increased by 15.5%, and 5+ bedroom homes increased by 23.3%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 147 | 159 | +8.2% |
Asking Price vs. Sold Price
115 Homes Were Sold
Under Asking
31 Homes Were Sold
At Asking
13 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Richmond, you may be able to get a good deal. 72.3% of homes here sold below asking price last month.
Summary: A total of 159 homes were sold or pending in Richmond in October 2024, up by 8.2% month-over-month. Of the 159 sold homes, 72% were sold under asking, 19% were sold at asking, and 8% were sold over asking.
Days on Market for Richmond, TX
How long does it take to sell a home in Richmond, TX?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 36 Days | 40 Days | +12.1% |
Summary: Homes in Richmond had an average of 40 days on market in Oct 2024, up by 12.1% compared to last year.
Breakdown of Home Sale Times
90 Homes Were Sold
Under 30 Days
52 Homes Were Sold
In 30 - 90 Days
17 Homes Were 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, 159 homes were sold in Richmond; 57% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.
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