Richland (Gull Lake)

The median sold price is the middle closed sale price for homes that sold in Richland (Gull Lake) over the trailing twelve months. Half the homes sold for more, half for less — it is not an average, so one unusual sale cannot drag it.

Vacant land and lot sales are excluded: they have a price but no home, and including them pulls the figure below anything a buyer could live in. Leases are excluded too, which matters more here than it sounds — a rental carries the same MLS property subtype as a sale, so only the property type separates them.

Price per square foot is the median of each home’s own price-per-foot, not the median price divided by the median size. Those are different numbers and only the first describes a typical home. Records whose reported size falls outside 250 to 20,000 square feet are excluded as data-entry error — a lot size typed into the building-area field is the common one, and an acre is 43,560 square feet.

Months of supply is the current number of homes for sale divided by the monthly sales pace over the same trailing year. It answers how long today’s inventory would last if nothing else came on.

Each point on the chart is the median of closed sales in the twelve months ending that quarter, which is why it moves smoothly: a calendar quarter in Michigan is a seasonal artefact, and a rolling year always contains one of every season.

Data comes from the MLS and is deemed reliable but not guaranteed.