Is Richmond Heights, 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, Richmond Heights has remained a Seller's Market.
Key Takeaway
Richmond Heights is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Richmond Heights, OH
How much do homes in Richmond Heights, OH cost?
Median Sold Price
$222,000
$109/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Richmond Heights have sold for 9.9% more than they did a year ago.
Summary: The median home sold price in Richmond Heights was $222,000 in May 2024, up 9.9% from last year, and the median price per square foot was $109.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $144.9K | $185K | +27.7% |
| 3 Bedrooms | $185K | $209K | +13.0% |
| 4 Bedrooms | $249.9K | $273K | +9.2% |
| 5+ Bedrooms | $359.9K | $393.2K | +9.3% |
Summary: Richmond Heights 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 27.7%, 3 bedroom homes increased by 13%, 4 bedroom homes increased by 9.2%, and 5+ bedroom homes increased by 9.3%.
Median Sold Price Compared To Nearby Cities
| Willoughby Hills | $265K | $326K | +23.0% |
| Highland Heights | $370K | $430K | +16.2% |
| Richmond Heights | $202K | $222K | +9.9% |
| Euclid | $128.9K | $135K | +4.7% |
Housing Supply in Richmond Heights, OH
How many homes are available in Richmond Heights, OH?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 35 | 37 | +5.7% |
Summary: The Richmond Heights real estate market had 37 homes for sale in May 2024, a 5.7% 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 | 0 | -100.0% |
| 3 Bedrooms | 20 | 22 | +10.0% |
| 4 Bedrooms | 12 | 14 | +16.7% |
| 5+ Bedrooms | 2 | 1 | -50.0% |
Summary: The Richmond Heights 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 decreased by 100%, 3 bedroom homes increased by 10%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes decreased by 50%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 7 | 12 | +71.4% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Richmond Heights, you could pay more than the asking price. 58.3% of homes here sold above asking price last month.
Summary: A total of 12 homes were sold or pending in Richmond Heights in May 2024, up by 71.4% month-over-month. Of the 12 sold homes, 42% were sold under asking, 0% were sold at asking, and 58% were sold over asking.
Days on Market for Richmond Heights, OH
How long does it take to sell a home in Richmond Heights, OH?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 22 Days | 26 Days | +20.6% |
Summary: Homes in Richmond Heights had an average of 26 days on market in May 2024, up by 20.6% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Richmond Heights are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 12 homes were sold in Richmond Heights; 67% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
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