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Featured local agent — Richmond, MI
Sarah Mitchell
Compass Real Estate · Richmond, MI
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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Richmond, MI Housing Market & Real Estate
Housing market overview · Updated monthly ·
$317,000median sale price
How is the Richmond, MI housing market right now?
The median home sale price in Richmond, MI is $317,000, up 8.6% year-over-year. Homes sell in an average of 13 days with 23 active listings. The market is currently a seller's market. (Source: Redfin monthly MLS data, as of May 2026 — the most recent Redfin release; Redfin publishes each month's data on a ~6-week lag.)
Is Richmond a buyer's or seller's market?
Richmond, MI is currently a seller's market, based on 3.3 months of supply and homes selling in about 13 days. How we determine this →
Homes sold
7
Last 12 weeks
Days on market
13
Fast-moving
Active listings
23
3.3 months supply
Sale-to-list
97.5%
Below asking
What does the Richmond housing market data show?
| Metric | Value |
|---|---|
| Median sale price | $317,000 |
| Median list price | $277,500 |
| Year-over-year price change | +8.6% |
| Average days on market | 13 days |
| Active inventory | 23 listings |
| Months of supply | 3.3 months |
| Sale-to-list price ratio | 97.5% |
| Median price per sq ft | $225/sq ft |
| Homes sold (latest month) | 7 |
| New listings (latest month) | 8 |
| Listings with a price cut | 21.7% |
| Market condition | Seller's market |
Source: Redfin · Updated monthly
How much do homes cost in Richmond by property type?
How the Richmond, MI market breaks down across single-family homes, condos, and townhouses.
| Property type | Median price | Price / sq ft | Homes sold | Days on market |
|---|---|---|---|---|
| Single-family | $317,000 | $225/sq ft | 7 | 13 days |
| Condo / Co-op | $160,000 | $148/sq ft | 1 | 65 days |
Source: Redfin · Updated monthly
The Richmond housing market is currently classified as a seller's market with a median sale price of $317,000. Prices have risen 8.6% compared to last year, with homes spending an average of 13 days on market, indicating 3.3 months of inventory.With limited inventory, homes sell quickly and buyers should be prepared to act decisively and competitively to secure a property.The price-to-income ratio of 5.1x provides context for how home values compare to local earning capacity.
Homes for sale in Richmond
There are currently 23 homes listed for sale in Richmond, Michigan. The median listing price is $278K.
Active listings
23
Homes on market
Median list price
$278K
Avg. days on market
13
Days until sale
New this week
8
Newly listed
Who lives in Richmond?
Population
5,839
Median income
$61,715/yr
Median age
38.3 years
Owner-occupied
75.3%
College grads
20.6%
Avg commute
25.9 min
Source: U.S. Census Bureau ACS
What are homes worth in Richmond?
Zillow home value
$312,834
Price-to-income
5.1x
Source: Zillow Research
What is it like to live in Richmond?
Richmond is a community of approximately 6K residents with a median age of 38.3 years.The median household income is $61,715, which represents a working-class community with solid middle-income opportunities. 20.6% of residents hold a bachelor's degree or higher, showing a mixed educational demographic.
Homeownership rates are at 75.3%, reflecting strong community stability and long-term resident commitment. The average commute time is 25.9 minutes, which makes this an excellent choice for those seeking short commutes to employment centers.Overall, Richmond offers a balanced lifestyle with accessible home values relative to local income levels.
Which public schools serve Richmond?
3 schools tracked · 1,519 students
The largest public schools serving Richmond, MI by enrollment, drawn from the National Center for Education Statistics. School quality is a commonly cited factor in home-buying decisions — these are the campuses families in this area are most likely to encounter.
Richmond Middle School
Grades 4-8 · 554 students
Richmond Community High School
Grades 9-12 · 498 students
Will L Lee School
Grades PK-3 · 467 students
Source: National Center for Education Statistics, Common Core of Data directory. Updated annually. Ratings and test scores are not currently displayed.
Which cities are near Richmond, MI?
Want a head-to-head view? Compare Richmond side-by-side with any other U.S. city using our market-comparison tool.
Frequently asked questions
What is the average home price in Richmond?
The median home sale price in Richmond is $317,000, up 8.6% from last year.
How long do homes stay on market in Richmond?
Homes typically spend 13 days on market before going under contract.
What is the median income in Richmond?
The median household income is $61,715 per year.
Is Richmond a buyer's or seller's market?
With 3.3 months of supply, Richmond is currently a seller's market.
What is the Zillow home value estimate for Richmond?
The Zillow Home Value Index (ZHVI) for Richmond is $312,834, representing the typical home value in the area.
What is the median condo price in Richmond?
The median condo/co-op sale price in Richmond, MI is $160,000, compared to $317,000 for a single-family home, based on the latest Redfin data.
How much does a single-family home cost in Richmond?
The median single-family home price in Richmond, MI is $317,000 (about $225 per square foot).
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