Is Royal Oak, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Royal Oak is a seller's market

Buyer's
Market

Difference Since February 2023

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

Key Takeaway

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

Housing Prices in Royal Oak, MI

How much do homes in Royal Oak, MI cost?

Median Sold Price

$340,000

$269/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$23,083(+7.3%)

Key Takeaway

Homes in Royal Oak have sold for 7.3% more than they did a year ago.

Summary: The median home sold price in Royal Oak was $340,000 in February 2024, up 7.3% from last year, and the median price per square foot was $269.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $113K$121.9K
+7.9%
2 $230K$243.5K
+5.9%
3 $315K$342.4K
+8.7%
4 $485K$472K
-2.7%
5+ $566K$741K
+30.9%

Summary: Royal Oak housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.9%, 2 bedroom homes increased by 5.9%, 3 bedroom homes increased by 8.7%, 4 bedroom homes decreased by 2.7%, and 5+ bedroom homes increased by 30.9%.

Median Sold Price Compared To Nearby Cities

Huntington Woods
+13.2%
Clawson
+12.5%
Berkley
+9.4%
Pleasant Ridge
+8.3%
Royal Oak
+7.3%

Housing Supply in Royal Oak, MI

How many homes are available in Royal Oak, MI?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
203200-1.5%

Summary: The Royal Oak real estate market had 200 homes for sale in February 2024, a 1.5% decrease compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 47
+75.0%
2 4742
-10.6%
3 102104
+2.0%
4 4339
-9.3%
5+ 78
+14.3%

Summary: The Royal Oak housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 75%, 2 bedroom homes decreased by 10.6%, 3 bedroom homes increased by 2%, 4 bedroom homes decreased by 9.3%, and 5+ bedroom homes increased by 14.3%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
6570+7.7%

Asking Price vs. Sold Price

33 Homes Were Sold
Under Asking

11 Homes Were Sold
At Asking

26 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Royal Oak, you may be able to get a good deal. 47.1% of homes here sold below asking price last month.

Summary: A total of 70 homes were sold or pending in Royal Oak in February 2024, up by 7.7% month-over-month. Of the 70 sold homes, 47% were sold under asking, 16% were sold at asking, and 37% were sold over asking.

Days on Market for Royal Oak, MI

How long does it take to sell a home in Royal Oak, MI?

Average Sale Time

Feb 2023Feb 2024CHANGE
26 Days29 Days+12.5%

Summary: Homes in Royal Oak had an average of 29 days on market in Feb 2024, up by 12.5% compared to last year.

Breakdown of Home Sale Times

52 Homes Were Sold
Under 30 Days

12 Homes Were Sold
In 30 - 90 Days

6 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Royal Oak are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 70 homes were sold in Royal Oak; 74% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 9% 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 27 Days Ago

Newest Listings in Royal Oak, MI

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