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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Oakland is a buyer'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

+$81,806(+13.4%)

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

# BEDSAug 2022Aug 2023CHANGE
1 --
N/A
2 $170K$210K
+23.5%
3 $430K$356K
-17.2%
4 $683.5K$780K
+14.1%
5+ $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
+13.4%
Orion Charter Township
+3.1%
Washington
0.0%
Oakland Charter Township
-1.4%
Addison Township
-18.4%

Housing Supply

How many homes are available in Oakland, MI?

Number of Homes For Sale

Jul 2023Aug 2023CHANGE
2722-18.5%

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

# BEDSJul 2023Aug 2023CHANGE
1 00
0.0%
2 00
0.0%
3 68
+33.3%
4 1210
-16.7%
5+ 94
-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 2023Aug 2023CHANGE
91-88.9%

Asking Price vs. Sold Price

0 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

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

Breakdown of Home Sale Times

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.

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

Report Updated 26 Days Ago

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Nearby Markets

What housing markets are near Oakland, MI?