Is Oakland, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Oakland is a neutral's market

Buyer's
Market

Difference Since September 2023

Since last year, Oakland has remained a Neutral Market.

Key Takeaway

Oakland is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Oakland, MI

How much do homes in Oakland, MI cost?

Median Sold Price

$655,000

$229/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

-$77,500(-10.6%)

Key Takeaway

Homes in Oakland have sold for 10.6% less than they did a year ago.

Summary: The median home sold price in Oakland was $655,000 in September 2024, down 10.6% from last year, and the median price per square foot was $229.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 --
N/A
2 $210K$302.5K
+44.0%
3 $370K$479.9K
+29.7%
4 $816.2K$660K
-19.1%
5+ $1.1M$950K
-13.6%

Summary: Oakland 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 44%, 3 bedroom homes increased by 29.7%, 4 bedroom homes decreased by 19.1%, and 5+ bedroom homes decreased by 13.6%.

Median Sold Price Compared To Nearby Cities

Addison Township
+17.7%
Orion Charter Township
+6.8%
Washington
+2.4%
Oakland Charter Township
0.2%
Oakland
-10.6%

Housing Supply in Oakland, MI

How many homes are available in Oakland, MI?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
4137-9.8%

Summary: The Oakland real estate market had 37 homes for sale in September 2024, a 9.8% decrease compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 00
0.0%
2 00
0.0%
3 78
+14.3%
4 2221
-4.5%
5+ 128
-33.3%

Summary: The Oakland 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 remained the same, 3 bedroom homes increased by 14.3%, 4 bedroom homes decreased by 4.5%, and 5+ bedroom homes decreased by 33.3%.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
146-57.1%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Oakland, you may be able to get a good deal. 83.3% of homes here sold below asking price last month.

Summary: A total of 6 homes were sold or pending in Oakland in September 2024, down by 57.1% month-over-month. Of the 6 sold homes, 83% were sold under asking, 17% were sold at asking, and 0% were sold over asking.

Days on Market for Oakland, MI

How long does it take to sell a home in Oakland, MI?

Average Sale Time

Sep 2023Sep 2024CHANGE
22 Days26 Days+21.2%

Summary: Homes in Oakland had an average of 26 days on market in Sep 2024, up by 21.2% compared to last year.

Breakdown of Home Sale Times

4 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During September 2024, 6 homes were sold in Oakland; 67% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 17% 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 30 Days Ago

Newest Listings in Oakland, MI

Nearby Markets to Oakland, MI

What housing markets are near Oakland, MI?