$3,266 Closing Credit*
$275,000
2,456 SqFt
3 Beds
•2 Full Baths
Rosettus Weeks, Listing Office: Real Estate One, Inc.
Is Oak Park, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since September 2023
Since last year, Oak Park has remained a Seller's Market.
Key Takeaway
Oak Park is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Oak Park, MI
How much do homes in Oak Park, MI cost?
Median Sold Price
$225,000
$175/sqft
Based on all homes sold in the last 12 months.
Difference Since September 2023
+$14,250(+6.8%)
Key Takeaway
Homes in Oak Park have sold for 6.8% more than they did a year ago.
Summary: The median home sold price in Oak Park was $225,000 in September 2024, up 6.8% from last year, and the median price per square foot was $175.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Sep 2023 | Sep 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $130K | $141K | +8.5% |
| 3 Bedrooms | $212K | $229K | +8.0% |
| 4 Bedrooms | $247K | $245K | -0.8% |
| 5+ Bedrooms | $266.7K | $300K | +12.5% |
Summary: Oak Park housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 8.5%, 3 bedroom homes increased by 8%, 4 bedroom homes decreased by 0.8%, and 5+ bedroom homes increased by 12.5%.
Median Sold Price Compared To Nearby Cities
| Pleasant Ridge | $445K | $487.5K | +9.6% |
| Berkley | $300K | $321.9K | +7.3% |
| Oak Park | $210.7K | $225K | +6.8% |
| Royal Oak Charter Township | $329.8K | $341.1K | +3.4% |
| Huntington Woods | $475K | $480K | +1.1% |
Housing Supply in Oak Park, MI
How many homes are available in Oak Park, MI?
Number of Homes For Sale
| Aug 2024 | Sep 2024 | CHANGE |
|---|---|---|
| 70 | 80 | +14.3% |
Summary: The Oak Park real estate market had 80 homes for sale in September 2024, a 14.3% increase compared to August 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Aug 2024 | Sep 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 10 | 16 | +60.0% |
| 3 Bedrooms | 55 | 57 | +3.6% |
| 4 Bedrooms | 5 | 7 | +40.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Oak Park housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 60%, 3 bedroom homes increased by 3.6%, 4 bedroom homes increased by 40%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Aug 2024 | Sep 2024 | CHANGE |
|---|---|---|
| 22 | 15 | -31.8% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
9 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Oak Park, you could pay more than the asking price. 60% of homes here sold above asking price last month.
Summary: A total of 15 homes were sold or pending in Oak Park in September 2024, down by 31.8% month-over-month. Of the 15 sold homes, 33% were sold under asking, 7% were sold at asking, and 60% were sold over asking.
Days on Market for Oak Park, MI
How long does it take to sell a home in Oak Park, MI?
Average Sale Time
| Sep 2023 | Sep 2024 | CHANGE |
|---|---|---|
| 13 Days | 20 Days | +48.4% |
Summary: Homes in Oak Park had an average of 20 days on market in Sep 2024, up by 48.4% compared to last year.
Breakdown of Home Sale Times
11 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Oak Park are selling fast, if you're buying plan to act quickly.
Summary: During September 2024, 15 homes were sold in Oak Park; 73% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS.