Is Richfield, OH 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, Richfield has remained a Seller's Market.
Key Takeaway
Richfield is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Richfield, OH
How much do homes in Richfield, OH cost?
Median Sold Price
$525,000
$177/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Richfield have sold for 7.1% less than they did a year ago.
Summary: The median home sold price in Richfield was $525,000 in May 2024, down 7.1% from last year, and the median price per square foot was $177.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | - | $389K | N/A |
| 3 Bedrooms | $318.7K | $280.5K | -12.0% |
| 4 Bedrooms | $669.9K | $611.5K | -8.7% |
| 5+ Bedrooms | $610K | $874.9K | +43.4% |
Summary: Richfield 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 did not change, 3 bedroom homes decreased by 12%, 4 bedroom homes decreased by 8.7%, and 5+ bedroom homes increased by 43.4%.
Median Sold Price Compared To Nearby Cities
| Bath Township | $475.2K | $489.9K | +3.1% |
| Brecksville | $375.3K | $372.5K | -0.8% |
| Richfield Township | $560K | $521.1K | -6.9% |
| Richfield | $565K | $525K | -7.1% |
Housing Supply in Richfield, OH
How many homes are available in Richfield, OH?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 25 | 29 | +16.0% |
Summary: The Richfield real estate market had 29 homes for sale in May 2024, a 16.0% increase compared to 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 | 9 | 11 | +22.2% |
| 4 Bedrooms | 10 | 11 | +10.0% |
| 5+ Bedrooms | 5 | 6 | +20.0% |
Summary: The Richfield 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 increased by 22.2%, 4 bedroom homes increased by 10%, and 5+ bedroom homes increased by 20%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 6 | 8 | +33.3% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Richfield, you may be able to get a good deal. 75% of homes here sold below asking price last month.
Summary: A total of 8 homes were sold or pending in Richfield in May 2024, up by 33.3% month-over-month. Of the 8 sold homes, 75% were sold under asking, 13% were sold at asking, and 13% were sold over asking.
Days on Market for Richfield, OH
How long does it take to sell a home in Richfield, OH?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 81 Days | 50 Days | -38.5% |
Summary: Homes in Richfield had an average of 50 days on market in May 2024, down by 38.5% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Richfield are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 8 homes were sold in Richfield; 38% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.
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