Is Richmond, FL 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 has remained a Seller's Market.
Key Takeaway
Richmond is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Richmond, FL
How much do homes in Richmond, FL cost?
Median Sold Price
$354,987
$217/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Richmond have sold for 6% more than they did a year ago.
Summary: The median home sold price in Richmond was $354,987 in May 2024, up 6% from last year, and the median price per square foot was $217.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $229.9K | $250K | +8.7% |
| 3 Bedrooms | $335K | $350K | +4.5% |
| 4 Bedrooms | $355K | $377.4K | +6.3% |
| 5+ Bedrooms | $337.5K | $433.6K | +28.5% |
Summary: Richmond 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 8.7%, 3 bedroom homes increased by 4.5%, 4 bedroom homes increased by 6.3%, and 5+ bedroom homes increased by 28.5%.
Median Sold Price Compared To Nearby Neighborhoods
| Eisenhower | $310.8K | $340K | +9.4% |
| Richmond | $335K | $354.9K | +6.0% |
| Joel | $325K | $339.3K | +4.4% |
| Sunshine | $341.2K | $356K | +4.3% |
| Harns | $324.9K | $334K | +2.8% |
Housing Supply in Richmond, FL
How many homes are available in Richmond, FL?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 226 | 222 | -1.8% |
Summary: The Richmond real estate market had 222 homes for sale in May 2024, a 1.8% decrease 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 | 10 | 8 | -20.0% |
| 3 Bedrooms | 134 | 132 | -1.5% |
| 4 Bedrooms | 71 | 68 | -4.2% |
| 5+ Bedrooms | 11 | 14 | +27.3% |
Summary: The Richmond 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 20%, 3 bedroom homes decreased by 1.5%, 4 bedroom homes decreased by 4.2%, and 5+ bedroom homes increased by 27.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 45 | 43 | -4.4% |
Asking Price vs. Sold Price
15 Homes Were Sold
Under Asking
21 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Richmond, expect to pay close to the asking price. 48.8% of homes here sold near the asking price last month.
Summary: A total of 43 homes were sold or pending in Richmond in May 2024, down by 4.4% month-over-month. Of the 43 sold homes, 35% were sold under asking, 49% were sold at asking, and 16% were sold over asking.
Days on Market for Richmond, FL
How long does it take to sell a home in Richmond, FL?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 30 Days | 61 Days | +102.2% |
Summary: Homes in Richmond had an average of 61 days on market in May 2024, up by 102.2% compared to last year.
Breakdown of Home Sale Times
19 Homes Were Sold
Under 30 Days
16 Homes Were Sold
In 30 - 90 Days
8 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Richmond are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 43 homes were sold in Richmond; 44% of homes were sold within 30 days, 37% of homes were sold within 30 to 90 days, and 19% of homes were sold over 90 days.
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