Romulus Housing Market Report December 2024•Wayne County, Michigan

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Housing Prices in Romulus, MI

How much do homes in Romulus, MI cost?

Housing Market Conditions

Is Romulus, MI a buyer’s or seller’s market?

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

Romulus is a Seller's Market

Difference Since December 2023

Since last year, Romulus has remained a Seller's Market.

Insight

Romulus is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$203,000$141/SqFt
+$22,000
+12.2%

Based on all homes sold in the last 12 months

Insight

Homes in Romulus have sold for 12.2% more than they did a year ago.

Summary: The median home sold price in Romulus was $203,000 in December 2024, up 12.2% from last year, and the median price per square foot was $141.

Median Sold Price By City

Median Sold Price By City
This is the middle price for which all homes in the area were sold compared to surrounding cities. Half of all the homes sold were below this price, and half were above.
CityChange YoY
Wayne
+15.1%
Taylor
+13.3%
Romulus
+12.2%
Westland
+7.7%
Huron Charter Township
+1.9%

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsDec 2023Dec 2024Change YoY
1--
N/A
2$152.5K$165K
+8.2%
3$178K$196.5K
+10.4%
4$282K$315K
+11.7%
5$355K$463K
+30.4%

Summary: Romulus housing price by bedroom type for December 2024, compared to the previous year. The home price for 1 bedroom homes did not change. The home price for 2 bedroom homes increased by +8.2%. The home price for 3 bedroom homes increased by +10.4%. The home price for 4 bedroom homes increased by +11.7%. The home price for 5 bedroom homes increased by +30.4%.

Housing supply in Romulus, MI

How many homes are available in Romulus, MI?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
57Last MonthDec 2024
752 months agoNov 2024
-24.0 %
Change MoMNov – Dec

Summary: The Romulus real estate market had 57 homes for sale in Dec 2024, a 24.0 % decrease compared to Nov 2024.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
13Last MonthDec 2024
232 months agoNov 2024
-43.5 %
Change MoMNov – Dec

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsNov 2024Dec 2024Change MoM
111
0.0%
2114
-63.6%
34637
-19.6%
41411
-21.4%
534
+33.3%

Summary: Romulus housing inventory by bedroom type for December 2024, compared to the previous month. The inventory for 1 bedroom homes remained the same. The inventory for 2 bedroom homes decreased by -63.6%. The inventory for 3 bedroom homes decreased by -19.6%. The inventory for 4 bedroom homes decreased by -21.4%. The inventory for 5 bedroom homes increased by +33.3%.

Asking Price vs. Sold Price

How much do homes in Romulus, MI cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price5 Homes

At Asking Price3 Homes

Under Asking Price5 Homes

Insight

If you're buying a home in Romulus, you may be able to get a good deal. 38.5% of homes here sold below asking price last month.

Summary: A total of 13 homes were sold or pending in Romulus in December 2024, down by 43.5% month-over-month. Of the 13 sold homes, 38% were sold under asking, 23% were sold at asking, and and 38% were sold over asking.

Days on Market for Romulus, MI

How long does it take to sell a home in Romulus, MI?

Breakdown of Home Sale Times

Under 30 Days11 Homes

30 – 90 Days2 Homes

Over 90 Days0 Home

Insight

Many homes in Romulus are selling fast, if you're buying plan to act quickly.

Summary: During December 2024, 13 homes were sold in Romulus; 85% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Average Sale Time

Average Sale Time
This is the average number of days homes take to sell in an area.
This Year1 year agoChange YoY
14 DaysThis YearDec 2024
29 Days1 year agoDec 2023
-50.5 %
Change YoYDec 2023 – Dec 2024

Summary: Homes in Romulus had an average listing age of 14 days in Dec 2024, down by 50.5% compared to the previous year.

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Newest Listings in Romulus, MI

What homes are available in Romulus, MI?

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Nearby markets

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Based on information from RealComp II Ltd., Michigan Regional Information Center LLC, MiRealSource Inc. DL, and Greater Lansing MLS for the period 01/01/2023 - 01/01/2025

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Last updated on: 1/29/2025, 3:20:56 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
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Last updated on: 1/29/2025, 3:25:15 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
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The information published and disseminated by the Originating MLS is communicated verbatim, without change by the Originating MLS, as filed with it by its members. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 1/29/2025, 3:21:02 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
IDX Listing information is provided in part by the IDX Program of the MLS of the Greater Lansing Association of REALTORS®. IDX information is provided exclusively for Consumers' personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties Consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS.

Copyright © 2025 Greater Lansing Association of REALTORS®. All Rights Reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 1/29/2025, 3:20:55 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.