Is Rich Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Rich Township has remained a Neutral Market.
Key Takeaway
Rich Township 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 Rich Township, MI
How much do homes in Rich Township, MI cost?
Median Sold Price
$220,000
$147/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Rich Township have sold for 15.8% more than they did a year ago.
Summary: The median home sold price in Rich Township was $220,000 in May 2024, up 15.8% from last year, and the median price per square foot was $147.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $165K | $193.5K | +17.3% |
| 3 Bedrooms | $189K | $196K | +3.7% |
| 4 Bedrooms | $305K | $272.4K | -10.7% |
| 5+ Bedrooms | $153.2K | - | N/A |
Summary: Rich Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 17.3%, 3 bedroom homes increased by 3.7%, 4 bedroom homes decreased by 10.7%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Burlington Township | $185K | $242.4K | +31.1% |
| Rich Township | $190K | $220K | +15.8% |
| Fostoria | $202.3K | $224K | +10.7% |
Housing Supply in Rich Township, MI
How many homes are available in Rich Township, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 6 | 6 | 0.0% |
Summary: The Rich Township real estate market had 6 homes for sale in May 2024, the same as April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 1 | 0.0% |
| 3 Bedrooms | 4 | 3 | -25.0% |
| 4 Bedrooms | 1 | 1 | 0.0% |
| 5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The Rich Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 25%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 1 | 1 | 0.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Rich Township, you could pay more than the asking price. 100% of homes here sold above asking price last month.
Summary: A total of 1 homes were sold or pending in Rich Township in May 2024, the same as the previous month. Of the 1 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% were sold over asking.
Days on Market for Rich Township, MI
How long does it take to sell a home in Rich Township, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 65 Days | 54 Days | -16.9% |
Summary: Homes in Rich Township had an average of 54 days on market in May 2024, down by 16.9% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Rich Township has remained consistent over time.
Summary: During May 2024, 1 homes were sold in Rich Township; 0% of homes were sold within 30 days, 100% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
