Is Oakland County, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 2023
Since last year, Oakland County has remained a Seller's Market.
Housing Prices in Oakland County, MI
How much do homes in Oakland County, MI cost?
Median Sold Price
$335,184
$206/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Summary: The median home sold price in Oakland County was $335,184 in June 2024, up 3.5% from last year, and the median price per square foot was $206.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $110K | $125K | +13.6% |
2 Bedrooms | $204.7K | $217.5K | +6.3% |
3 Bedrooms | $295K | $314.9K | +6.7% |
4 Bedrooms | $469.6K | $498.3K | +6.1% |
5+ Bedrooms | $640K | $720K | +12.5% |
Summary: Oakland County housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.6%, 2 bedroom homes increased by 6.3%, 3 bedroom homes increased by 6.7%, 4 bedroom homes increased by 6.1%, and 5+ bedroom homes increased by 12.5%.
Median Sold Price Compared To Nearby Counties
Washtenaw County | $370.4K | $396K | +6.9% |
Macomb County | $226.1K | $240.2K | +6.2% |
Wayne County | $176.2K | $184.8K | +4.9% |
Livingston County | $350.1K | $366.5K | +4.7% |
Oakland County | $323.9K | $335.1K | +3.5% |
Housing Supply in Oakland County, MI
How many homes are available in Oakland County, MI?
Number of Homes For Sale
May 2024 | Jun 2024 | CHANGE |
---|---|---|
4,205 | 4,436 | +5.5% |
Summary: The Oakland County real estate market had 4,436 homes for sale in June 2024, a 5.5% increase compared to May 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 74 | 76 | +2.7% |
2 Bedrooms | 713 | 719 | +0.8% |
3 Bedrooms | 1,860 | 1,944 | +4.5% |
4 Bedrooms | 1,248 | 1,323 | +6.0% |
5+ Bedrooms | 310 | 374 | +20.6% |
Summary: The Oakland County housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 2.7%, 2 bedroom homes increased by 0.8%, 3 bedroom homes increased by 4.5%, 4 bedroom homes increased by 6%, and 5+ bedroom homes increased by 20.6%.
Number of Homes Sold
May 2024 | Jun 2024 | CHANGE |
---|---|---|
1,410 | 1,174 | -16.7% |
Asking Price vs. Sold Price
381 Homes Were Sold
Under Asking
163 Homes Were Sold
At Asking
630 Homes Were Sold
Over Asking
Summary: A total of 1,174 homes were sold or pending in Oakland County in June 2024, down by 16.7% month-over-month. Of the 1,174 sold homes, 32% were sold under asking, 14% were sold at asking, and 54% 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
Jun 2023 | Jun 2024 | CHANGE |
---|---|---|
23 Days | 18 Days | -22.6% |
Summary: Homes in Oakland County had an average of 18 days on market in Jun 2024, down by 22.6% compared to last year.
Breakdown of Home Sale Times
996 Homes Were Sold
Under 30 Days
137 Homes Were Sold
In 30 - 90 Days
41 Homes Were Sold
Over 90 Days
Summary: During June 2024, 1174 homes were sold in Oakland County; 85% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.