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The Richmond housing market is moderately competitive. On average, homes in Richmond receive one offer and sell within approximately 59 days. Last month, the median sale price for a home in Richmond was $338K, reflecting an 8.8% decrease compared to the previous year. The median price per square foot stands at $154, down 5.2% year-over-year.
Median Sale Price
Median Sale Price per Sq. Ft.
Total Homes Sold
Median Days on Market
In December 2024, Richmond home prices experienced an 8.8% decline compared to the previous year, with a median sale price of $338K. Despite the drop in prices, the market showed improved efficiency, as homes sold in an average of 59 days—significantly faster than the 133-day average recorded in December 2023. A total of 13 homes were sold this December, matching the sales volume from the same period last year. This data highlights a market shift, where lower prices and shorter market times may indicate increased buyer interest or more competitive pricing strategies among sellers. However, the static sales volume suggests that broader market conditions or inventory constraints may still be limiting growth.
Richmond’s housing market is moderately competitive. Homes typically sell in about 54.5 days, with some properties receiving multiple offers. On average, homes sell for approximately 3% below the list price and go under contract in around 55 days. However, "hot" homes—those in high demand—often sell closer to the list price and can go pending in as little as 26 days, reflecting strong buyer interest in select properties.
In December 2024, Richmond, TX was considered a buyer's market, indicating that the supply of homes exceeded the demand. This market condition typically gives buyers more negotiating power, as there are more options available and less competition among buyers. It’s an ideal scenario for those looking to purchase a home, as they may find favorable pricing and more room for negotiation on terms.
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