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 November 2021

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.

How much do homes in Oak Park, MI cost?

Median Sold Price

$213,500

$169/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2021

+$18,000(+9.2%)

Key Takeaway

Homes in Oak Park have sold for 9.2% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSNov 2021Nov 2022%
1 --
N/A
2 $109.1K$125K
+14.5%
3 $198K$216K
+9.1%
4 $235K$239.9K
+2.1%
5+ $215K$302K
+40.5%

Median Sold Price Compared To Nearby Cities

Pleasant Ridge
+10.5%
Oak Park
+9.2%
Berkley
+8.6%
Huntington Woods
+7.8%

How many homes are available in Oak Park, MI?

Number of Homes For Sale

Oct 2022Nov 2022%
107105-1.9%

Homes For Sale By Bedroom Count

# BEDSOct 2022Nov 2022%
1 00
0.0%
2 99
0.0%
3 8989
0.0%
4 97
-22.2%
5+ 00
0.0%

Number of Homes Sold

Oct 2022Nov 2022%
3021-30.0%

Asking Price vs. Sold Price

15 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

4 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. 71.4% of homes here sold below asking price last month.

Breakdown of Home Sale Times

2 Homes Were Sold
Under 30 Days

0 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.

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

About Oak Park, MI

Oak Park, MI has 105 homes on the market. The number of homes for sale in Oak Park, MI decreased by 1.9% between October 2022 and November 2022. In November 2022 median list price was $213,500 and the average listing age was 13 days. Real estate listing prices changed between October 2022 and November 2022: prices of 1 bedroom properties went up by 0%, the cost of 2 bedrooms properties went up by 14.5%, the cost of 3 bedrooms properties went up by 9.1%, 4 bedrooms properties prices increased by 2.1%, prices of 5 bedrooms properties went up by 40.5%. Volume of homes for sale in this real estate market have seen the following changes: the quantity of 1 bedroom homes have not changed, volume of 2 bedrooms homes stayed the same, number of 3 bedrooms homes remained the same, 4 bedrooms homes inventory decreased by 22.2%, 5 bedrooms homes did not move. While more than 4 listings in Oak Park, MI in November 2022 were sold above asking price, there were more than 2 listings sold at asking price, and more than 15 were sold below.

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