Is Richland Township, PA 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, Richland Township has remained a Seller's Market.
Key Takeaway
Richland Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Richland Township, PA
How much do homes in Richland Township, PA cost?
Median Sold Price
$395,000
$200/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Richland Township have sold for 3.9% more than they did a year ago.
Summary: The median home sold price in Richland Township was $395,000 in May 2024, up 3.9% from last year, and the median price per square foot was $200.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $278K | - | N/A |
| 2 Bedrooms | $230K | $316.4K | +37.6% |
| 3 Bedrooms | $323.2K | $350K | +8.3% |
| 4 Bedrooms | $422K | $515K | +22.0% |
| 5+ Bedrooms | $460K | $471.5K | +2.5% |
Summary: Richland 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 37.6%, 3 bedroom homes increased by 8.3%, 4 bedroom homes increased by 22%, and 5+ bedroom homes increased by 2.5%.
Median Sold Price Compared To Nearby Cities
| East Rockhill Township | $435K | $575K | +32.2% |
| Richland Township | $380K | $395K | +3.9% |
| Quakertown | $365K | $360K | -1.4% |
| Milford Township | $419.9K | $395K | -5.9% |
| Richlandtown | $380K | $267K | -29.7% |
Housing Supply in Richland Township, PA
How many homes are available in Richland Township, PA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 46 | 45 | -2.2% |
Summary: The Richland Township real estate market had 45 homes for sale in May 2024, a 2.2% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 4 | 4 | 0.0% |
| 3 Bedrooms | 23 | 21 | -8.7% |
| 4 Bedrooms | 16 | 16 | 0.0% |
| 5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The Richland Township housing inventory by bedroom type for May 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 8.7%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 15 | 8 | -46.7% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Richland Township, you could pay more than the asking price. 62.5% of homes here sold above asking price last month.
Summary: A total of 8 homes were sold or pending in Richland Township in May 2024, down by 46.7% month-over-month. Of the 8 sold homes, 38% were sold under asking, 0% were sold at asking, and 63% were sold over asking.
Days on Market for Richland Township, PA
How long does it take to sell a home in Richland Township, PA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 24 Days | 9 Days | -61.4% |
Summary: Homes in Richland Township had an average of 9 days on market in May 2024, down by 61.4% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Richland Township are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 8 homes were sold in Richland Township; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
