Is Oakland, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since August 2022
At the same time last year, Oakland was a Seller's Market.
Key Takeaway
Oakland is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices
How much do homes in Oakland, MI cost?
Median Sold Price
$693,500
$207/sqft
Based on all homes sold in the last 12 months.
Difference Since August 2022
Key Takeaway
Homes in Oakland have sold for 13.4% more than they did a year ago.
Summary: The median home sold price in Oakland was $693,500 in August 2023, up 13.4% from last year, and the median price per square foot was $207.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Aug 2022 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $170K | $210K | +23.5% |
| 3 Bedrooms | $430K | $356K | -17.2% |
| 4 Bedrooms | $683.5K | $780K | +14.1% |
| 5+ Bedrooms | $785K | $955K | +21.7% |
Summary: Oakland housing prices by bedroom type for August 2023 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 23.5%, 3 bedroom homes decreased by 17.2%, 4 bedroom homes increased by 14.1%, and 5+ bedroom homes increased by 21.7%.
Median Sold Price Compared To Nearby Cities
| Oakland | $611.6K | $693.5K | +13.4% |
| Orion Charter Township | $358.9K | $370K | +3.1% |
| Washington | $430K | $430K | 0.0% |
| Oakland Charter Township | $587.5K | $579.4K | -1.4% |
| Addison Township | $435K | $355K | -18.4% |
Housing Supply
How many homes are available in Oakland, MI?
Number of Homes For Sale
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 27 | 22 | -18.5% |
Summary: The Oakland real estate market had 22 homes for sale in August 2023, a 18.5% decrease compared to July 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 0 | 0 | 0.0% |
| 3 Bedrooms | 6 | 8 | +33.3% |
| 4 Bedrooms | 12 | 10 | -16.7% |
| 5+ Bedrooms | 9 | 4 | -55.6% |
Summary: The Oakland housing inventory by bedroom type for August 2023 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 33.3%, 4 bedroom homes decreased by 16.7%, and 5+ bedroom homes decreased by 55.6%.
Number of Homes Sold
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 9 | 1 | -88.9% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Oakland, you could pay more than the asking price. 100% of homes here sold above asking price last month.
Summary: A total of 1 homes were sold or pending in Oakland in August 2023, down by 88.9% month-over-month. Of the 1 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% were sold over asking.
Days on Market
How long does it take to sell a home in Oakland, MI?
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Oakland are selling fast, if you're buying plan to act quickly.
Summary: During August 2023, 1 homes were sold in Oakland; 100% of homes were sold within 30 days, 0% 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. Copyright MiRealSource.