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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Oakland County is a seller's market

Buyer's
Market

Difference Since July 2021

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

Key Takeaway

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

How much do homes in Oakland County, MI cost?

Median Sold Price

$310,188

$189/sqft

Based on all homes sold in the last 12 months.

Difference Since July 2021

+$24,853(+8.7%)

Key Takeaway

Homes in Oakland County have sold for 8.7% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSJul 2021Jul 2022%
1 $85K$110.5K
+30.0%
2 $167.9K$190K
+13.1%
3 $260K$288.1K
+10.8%
4 $415.5K$460.9K
+10.9%
5+ $586.3K$645.4K
+10.1%

Median Sold Price Compared To Nearby Counties

Washtenaw County
+13.0%
Livingston County
+12.4%
Macomb County
+12.4%
Oakland County
+8.7%
Wayne County
+8.1%

How many homes are available in Oakland County, MI?

Number of Homes For Sale

Jun 2022Jul 2022%
5,4325,544+2.1%

Homes For Sale By Bedroom Count

# BEDSJun 2022Jul 2022%
1 6873
+7.4%
2 874833
-4.7%
3 2,4082,476
+2.8%
4 1,6881,725
+2.2%
5+ 394437
+10.9%

Number of Homes Sold

Jun 2022Jul 2022%
1,7301,169-32.4%

Asking Price vs. Sold Price

383 Homes Were Sold
Under Asking

187 Homes Were Sold
At Asking

597 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Oakland County, you could pay more than the asking price. 51.2% of homes here sold above asking price last month.

Average Sale Time

Jul 2021Jul 2022%
17 Days18 Days+6.8%

Breakdown of Home Sale Times

950 Homes Were Sold
Under 30 Days

199 Homes Were Sold
In 30 - 90 Days

15 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Oakland County 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 County, MI

There are 5,544 homes are for sale in Oakland County, MI real estate market. The number of listings in Oakland County, MI increased by 2.1% between June 2022 and July 2022. The median list price of listings available in July 2022 was $310,188, while the average time on the real estate market was 18 days. This housing market listing prices have changed between June 2022 and July 2022: the cost of 1 bedroom properties went up by 30%, 2 bedrooms properties prices increased by 13.1%, 3 bedrooms properties became 10.8% more expensive, the cost of 4 bedrooms properties went up by 10.9%, prices of 5 bedrooms properties went up by 10.1%. The following changes in the number of homes for sale were observed in this housing market: the quantity of 1 bedroom homes went up by 7.4%, number of 2 bedrooms homes decreased by 4.7%, 3 bedrooms homes inventory increased by 2.8%, volume of 4 bedrooms homes went up by 2.2%, the quantity of 5 bedrooms homes went up by 10.9%. In July 2022 more than 597 listings in Oakland County, MI were sold above the asking price. During the same period more than 187 listings were sold at asking price, while more than 383 were sold below.

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