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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Oakland is a seller's market

Buyer's
Market

Difference Since May 2021

Since last year, Oakland has remained a Seller's Market.

Key Takeaway

Oakland is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

How much do homes in Oakland, MI cost?

Median Sold Price

$615,408

$190/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2021

+$20,408(+3.4%)

Key Takeaway

Homes in Oakland have sold for 3.4% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSMay 2021May 2022%
1 -$117.5K
N/A
2 $375K$170K
-54.7%
3 $400.5K$400K
-0.1%
4 $585K$657.5K
+12.4%
5+ $707.5K$785K
+11.0%

Median Sold Price Compared To Nearby Cities

Orion Charter Township
+14.2%
Oakland Charter Township
+9.2%
Addison Township
+8.7%
Washington
+3.9%
Oakland
+3.4%

How many homes are available in Oakland, MI?

Number of Homes For Sale

Apr 2022May 2022%
2931+6.9%

Homes For Sale By Bedroom Count

# BEDSApr 2022May 2022%
1 00
0.0%
2 02
+100.0%
3 1512
-20.0%
4 1111
0.0%
5+ 36
+100.0%

Number of Homes Sold

Apr 2022May 2022%
96-33.3%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

1 Home Was 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. 50% of homes here sold below asking price last month.

Average Sale Time

May 2021May 2022%
44 Days16 Days-63.6%

Breakdown of Home Sale Times

5 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were 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.

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

About Oakland, MI

Number of homes for sale in Oakland, MI real estate market have reached 31. In May 2022 in Oakland, MI there were 6.9% more homes for sale than in April 2022. In May 2022 median list price was $615,408 and the average listing age was 16 days. Between April 2022 and May 2022, listing prices of homes in this real estate market have seen the following changes: 1 bedroom properties prices increased by 0%, 2 bedrooms properties prices decreased by 54.7%, the cost of 3 bedrooms properties went down by 0.1%, prices of 4 bedrooms properties went up by 12.4%, 5 bedrooms properties became 11% more expensive. Volume of homes for sale in this real estate market have seen the following changes: 1 bedroom homes inventory did not change, number of 2 bedrooms homes increased by 100%, the quantity of 3 bedrooms homes went down by 20%, volume of 4 bedrooms homes stayed the same, number of 5 bedrooms homes increased by 100%. In May 2022, from all listings sold in Oakland, MI there were more than 1 sold above asking price, over 3 sold below and more than 2 were sold right at the asked price.

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