Is Oak Park, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Oak Park is a seller's market

Buyer's
Market

Difference Since February 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

$215,000

$171/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$8,962(+4.3%)

Key Takeaway

Homes in Oak Park have sold for 4.3% more than they did a year ago.

Summary: The median home sold price in Oak Park was $215,000 in February 2024, up 4.3% from last year, and the median price per square foot was $171.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 --
N/A
2 $125.5K$133K
+6.0%
3 $211K$215.6K
+2.2%
4 $259.4K$274K
+5.6%
5+ $324K$266.7K
-17.7%

Summary: Oak Park housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 6%, 3 bedroom homes increased by 2.2%, 4 bedroom homes increased by 5.6%, and 5+ bedroom homes decreased by 17.7%.

Median Sold Price Compared To Nearby Cities

Huntington Woods
+13.2%
Royal Oak Charter Township
+12.4%
Berkley
+9.4%
Pleasant Ridge
+8.3%
Oak Park
+4.3%

Housing Supply in Oak Park, MI

How many homes are available in Oak Park, MI?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
6983+20.3%

Summary: The Oak Park real estate market had 83 homes for sale in February 2024, a 20.3% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 00
0.0%
2 310
+233.3%
3 6064
+6.7%
4 57
+40.0%
5+ 12
+100.0%

Summary: The Oak Park housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 233.3%, 3 bedroom homes increased by 6.7%, 4 bedroom homes increased by 40%, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
2014-30.0%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Oak Park, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 14 homes were sold or pending in Oak Park in February 2024, down by 30.0% month-over-month. Of the 14 sold homes, 50% were sold under asking, 7% were sold at asking, and 43% 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

Feb 2023Feb 2024CHANGE
2 Days19 Days+882.1%

Summary: Homes in Oak Park had an average of 19 days on market in Feb 2024, up by 882.1% compared to last year.

Breakdown of Home Sale Times

11 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During February 2024, 14 homes were sold in Oak Park; 79% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 28 Days Ago

Newest Listings in Oak Park, MI

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