Is Richmond Hill, GA 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 Hill has remained a Seller's Market.
Key Takeaway
Richmond Hill is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Richmond Hill, GA
How much do homes in Richmond Hill, GA cost?
Median Sold Price
$419,979
$186/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Richmond Hill have sold for 10.5% more than they did a year ago.
Summary: The median home sold price in Richmond Hill was $419,979 in May 2024, up 10.5% from last year, and the median price per square foot was $186.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $181K | $930K | +413.8% |
| 3 Bedrooms | $299.4K | $323K | +7.9% |
| 4 Bedrooms | $400.3K | $435K | +8.7% |
| 5+ Bedrooms | $476.3K | $505K | +6.0% |
Summary: Richmond Hill 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 413.8%, 3 bedroom homes increased by 7.9%, 4 bedroom homes increased by 8.7%, and 5+ bedroom homes increased by 6%.
Housing Supply in Richmond Hill, GA
How many homes are available in Richmond Hill, GA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 307 | 322 | +4.9% |
Summary: The Richmond Hill real estate market had 322 homes for sale in May 2024, a 4.9% 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 | 2 | 4 | +100.0% |
| 3 Bedrooms | 97 | 98 | +1.0% |
| 4 Bedrooms | 126 | 137 | +8.7% |
| 5+ Bedrooms | 82 | 83 | +1.2% |
Summary: The Richmond Hill 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 increased by 100%, 3 bedroom homes increased by 1%, 4 bedroom homes increased by 8.7%, and 5+ bedroom homes increased by 1.2%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 69 | 84 | +21.7% |
Asking Price vs. Sold Price
24 Homes Were Sold
Under Asking
40 Homes Were Sold
At Asking
19 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Richmond Hill, expect to pay close to the asking price. 48.2% of homes here sold near the asking price last month.
Summary: A total of 84 homes were sold or pending in Richmond Hill in May 2024, up by 21.7% month-over-month. Of the 83 sold homes, 29% were sold under asking, 48% were sold at asking, and 23% were sold over asking.
Days on Market for Richmond Hill, GA
How long does it take to sell a home in Richmond Hill, GA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 48 Days | 18 Days | -61.7% |
Summary: Homes in Richmond Hill had an average of 18 days on market in May 2024, down by 61.7% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Richmond Hill are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 84 homes were sold in Richmond Hill; 7% of homes were sold within 30 days, 1% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
