Is Romulus, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Romulus has remained a Seller's Market.
Housing Prices in Romulus, MI
How much do homes in Romulus, MI cost?
Median Sold Price
$190,666
$155/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Romulus was $190,666 in April 2024, up 9.3% from last year, and the median price per square foot was $155.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | $125K | N/A |
2 Bedrooms | $155.7K | $155K | -0.5% |
3 Bedrooms | $165K | $180.2K | +9.2% |
4 Bedrooms | $275K | $317.5K | +15.5% |
5+ Bedrooms | $335K | $440.5K | +31.5% |
Summary: Romulus housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 0.5%, 3 bedroom homes increased by 9.2%, 4 bedroom homes increased by 15.5%, and 5+ bedroom homes increased by 31.5%.
Median Sold Price Compared To Nearby Cities
Taylor | $150K | $168K | +12.0% |
Romulus | $174.5K | $190.6K | +9.3% |
Wayne | $147.5K | $160K | +8.5% |
Huron Charter Township | $310K | $327.5K | +5.6% |
Westland | $190K | $200K | +5.3% |
Housing Supply in Romulus, MI
How many homes are available in Romulus, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
67 | 60 | -10.4% |
Summary: The Romulus real estate market had 60 homes for sale in April 2024, a 10.4% decrease compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 1 | +100.0% |
2 Bedrooms | 8 | 6 | -25.0% |
3 Bedrooms | 40 | 39 | -2.5% |
4 Bedrooms | 17 | 13 | -23.5% |
5+ Bedrooms | 2 | 1 | -50.0% |
Summary: The Romulus housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 25%, 3 bedroom homes decreased by 2.5%, 4 bedroom homes decreased by 23.5%, and 5+ bedroom homes decreased by 50%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
23 | 18 | -21.7% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Summary: A total of 18 homes were sold or pending in Romulus in April 2024, down by 21.7% month-over-month. Of the 18 sold homes, 50% were sold under asking, 11% were sold at asking, and 39% were sold over asking.
Days on Market for Romulus, MI
How long does it take to sell a home in Romulus, MI?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
18 Days | 16 Days | -12.9% |
Summary: Homes in Romulus had an average of 16 days on market in Apr 2024, down by 12.9% compared to last year.
Breakdown of Home Sale Times
14 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During April 2024, 18 homes were sold in Romulus; 78% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.