Is Romeo, MI 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, Romeo has remained a Seller's Market.
Housing Prices in Romeo, MI
How much do homes in Romeo, MI cost?
Median Sold Price
$388,103
$218/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Romeo was $388,103 in May 2024, up 26.8% from last year, and the median price per square foot was $218.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $67.5K | $70K | +3.7% |
2 Bedrooms | $227.5K | $260K | +14.3% |
3 Bedrooms | $317.1K | $384.2K | +21.1% |
4 Bedrooms | $331K | $450K | +36.0% |
5+ Bedrooms | $312.5K | $220K | -29.6% |
Summary: Romeo housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3.7%, 2 bedroom homes increased by 14.3%, 3 bedroom homes increased by 21.1%, 4 bedroom homes increased by 36%, and 5+ bedroom homes decreased by 29.6%.
Median Sold Price Compared To Nearby Cities
Romeo | $306K | $388.1K | +26.8% |
Armada Township | $325K | $360K | +10.8% |
Washington Township | $405K | $415K | +2.5% |
Bruce Township | $400.5K | $408.2K | +1.9% |
Washington | $429.5K | $425K | -1.1% |
Housing Supply in Romeo, MI
How many homes are available in Romeo, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
27 | 25 | -7.4% |
Summary: The Romeo real estate market had 25 homes for sale in May 2024, a 7.4% 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 | 3 | 4 | +33.3% |
3 Bedrooms | 14 | 12 | -14.3% |
4 Bedrooms | 9 | 7 | -22.2% |
5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The Romeo 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 33.3%, 3 bedroom homes decreased by 14.3%, 4 bedroom homes decreased by 22.2%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
11 | 11 | 0.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
8 Homes Were Sold
Over Asking
Summary: A total of 11 homes were sold or pending in Romeo in May 2024, the same as the previous month. Of the 11 sold homes, 18% were sold under asking, 9% were sold at asking, and 73% were sold over asking.
Days on Market for Romeo, MI
How long does it take to sell a home in Romeo, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
48 Days | 52 Days | +7.8% |
Summary: Homes in Romeo had an average of 52 days on market in May 2024, up by 7.8% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During May 2024, 11 homes were sold in Romeo; 73% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 18% of homes were sold over 90 days.