Is Oak Park, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since February 2023
Since last year, Oak Park has remained a Seller's Market.
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
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
# BEDS# BEDROOMS | Feb 2023 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | $125.5K | $133K | +6.0% |
3 Bedrooms | $211K | $215.6K | +2.2% |
4 Bedrooms | $259.4K | $274K | +5.6% |
5+ Bedrooms | $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 | $422K | $477.5K | +13.2% |
Royal Oak Charter Township | $300.6K | $337.8K | +12.4% |
Berkley | $297.2K | $325K | +9.4% |
Pleasant Ridge | $422.5K | $457.5K | +8.3% |
Oak Park | $206K | $215K | +4.3% |
Housing Supply in Oak Park, MI
How many homes are available in Oak Park, MI?
Number of Homes For Sale
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
69 | 83 | +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
# BEDS# BEDROOMS | Jan 2024 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 3 | 10 | +233.3% |
3 Bedrooms | 60 | 64 | +6.7% |
4 Bedrooms | 5 | 7 | +40.0% |
5+ Bedrooms | 1 | 2 | +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 2024 | Feb 2024 | CHANGE |
---|---|---|
20 | 14 | -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
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 2023 | Feb 2024 | CHANGE |
---|---|---|
2 Days | 19 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
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.