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Higher Home Prices, Longer Selling Times, and a Slower Market
Richfield’s housing market showed signs of change in September. Home prices were higher than their year-to-date averages, but homes took longer to sell. Inventory also increased, and sellers received slightly less than their asking prices on average.
More recently, market activity has slowed noticeably over the past couple of weeks. This may point to a change in pace as we move further into fall.
Market Activity
Eight homes sold in Richfield during September, bringing the year-to-date total to 93. Ten new listings came to market, and 19 homes were available for sale.
With fewer sales compared to the number of available homes, buyers had more choices during the month.
Home Prices
The average sale price reached $662,800 in September, up 10.4% from the year-to-date average of $600,365.
The median sale price was $617,450, up 8.3% from the year-to-date median of $570,000.
The average price per square foot remained steady at $261, compared to $260 year-to-date.
While sale prices were higher, only eight homes sold during September. With such a small number of sales, the size and price range of those homes can have a greater effect on monthly averages.
Market Pace
Homes spent an average of 35 days on the market in September, compared to about 22 days year-to-date.
The average sale-to-list price ratio also fell to 99.39%, down from 100.72% year-to-date.
This means homes sold for slightly less than their asking prices on average. Earlier in the year, sellers were receiving more than their asking prices.
These changes suggest buyers had more room to negotiate in September.
Housing Inventory
Richfield had 2.38 months of housing inventory in September, compared to 1.28 months year-to-date.
Inventory remains limited, but the increase is worth watching. More homes were available compared to the pace of sales, giving buyers more choices.
Sellers may also face more competition as homes take longer to sell.
What This Means for Buyers and Sellers
For sellers: Pricing your home correctly from the start is becoming more important. Buyers appear to be taking more time to compare homes, especially with the recent slowdown in activity. Good preparation, strong presentation, and a price that reflects current market conditions can help your home stand out.
For buyers: More inventory and longer selling times may give you greater flexibility. You may have more time to explore your options and negotiate terms. Still, well-priced homes in desirable locations can attract strong interest.
September’s numbers show a market that is changing pace. Home prices remain relatively strong, but longer selling times and more inventory suggest less pressure on buyers. The slowdown seen in recent weeks makes it even more important to look at current activity when making real estate decisions.
Dillon Reed Real Estate
Coldwell Banker Realty
Serving Ozaukee and Washington Counties
Market statistics reflect September 2026 residential real estate activity in Richfield. Year-to-date figures are provided for comparison. Individual property conditions and market activity may vary.
