Is Oakland County, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
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.
Housing Prices in Oakland County, MI
How much do homes in Oakland County, MI cost?
Median Sold Price
$332,983
$203/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Oakland County have sold for 3.3% more than they did a year ago.
Summary: The median home sold price in Oakland County was $332,983 in March 2024, up 3.3% from last year, and the median price per square foot was $203.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $110K | $120K | +9.1% |
| 2 Bedrooms | $203.3K | $212.3K | +4.4% |
| 3 Bedrooms | $293.7K | $310K | +5.5% |
| 4 Bedrooms | $471.2K | $488.6K | +3.7% |
| 5+ Bedrooms | $650.8K | $659.6K | +1.4% |
Summary: Oakland County housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9.1%, 2 bedroom homes increased by 4.4%, 3 bedroom homes increased by 5.5%, 4 bedroom homes increased by 3.7%, and 5+ bedroom homes increased by 1.4%.
Median Sold Price Compared To Nearby Counties
| Livingston County | $344.8K | $364.7K | +5.8% |
| Washtenaw County | $369.4K | $389.4K | +5.4% |
| Macomb County | $226.9K | $237.7K | +4.7% |
| Oakland County | $322.3K | $332.9K | +3.3% |
| Wayne County | $179.9K | $180K | 0.1% |
Housing Supply in Oakland County, MI
How many homes are available in Oakland County, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 2,987 | 3,339 | +11.8% |
Summary: The Oakland County real estate market had 3,339 homes for sale in March 2024, a 11.8% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 59 | 64 | +8.5% |
| 2 Bedrooms | 614 | 662 | +7.8% |
| 3 Bedrooms | 1,255 | 1,443 | +15.0% |
| 4 Bedrooms | 840 | 933 | +11.1% |
| 5+ Bedrooms | 219 | 237 | +8.2% |
Summary: The Oakland County housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 8.5%, 2 bedroom homes increased by 7.8%, 3 bedroom homes increased by 15%, 4 bedroom homes increased by 11.1%, and 5+ bedroom homes increased by 8.2%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 848 | 953 | +12.4% |
Asking Price vs. Sold Price
421 Homes Were Sold
Under Asking
154 Homes Were Sold
At Asking
378 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Oakland County, you may be able to get a good deal. 44.2% of homes here sold below asking price last month.
Summary: A total of 953 homes were sold or pending in Oakland County in March 2024, up by 12.4% month-over-month. Of the 953 sold homes, 44% were sold under asking, 16% were sold at asking, and 40% were sold over asking.
Days on Market for Oakland County, MI
How long does it take to sell a home in Oakland County, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 107 Days | 29 Days | -72.8% |
Summary: Homes in Oakland County had an average of 29 days on market in Mar 2024, down by 72.8% compared to last year.
Breakdown of Home Sale Times
688 Homes Were Sold
Under 30 Days
183 Homes Were Sold
In 30 - 90 Days
82 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Oakland County are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 953 homes were sold in Oakland County; 72% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
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