Is Royal Oak, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2022
Since last year, Royal Oak has remained a Seller's Market.
Housing Prices in Royal Oak, MI
How much do homes in Royal Oak, MI cost?
Median Sold Price
$334,537
$266/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2022
Summary: The median home sold price in Royal Oak was $334,537 in November 2023, up 6.2% from last year, and the median price per square foot was $266.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Nov 2022 | Nov 2023 | CHANGE |
---|---|---|---|
1 Bedroom | $117.7K | $121.9K | +3.5% |
2 Bedrooms | $235.5K | $242K | +2.8% |
3 Bedrooms | $314.3K | $338.7K | +7.8% |
4 Bedrooms | $475K | $470K | -1.1% |
5+ Bedrooms | $570.5K | $659.7K | +15.6% |
Summary: Royal Oak housing prices by bedroom type for November 2023 compared to the previous year: The home price of 1 bedroom homes increased by 3.5%, 2 bedroom homes increased by 2.8%, 3 bedroom homes increased by 7.8%, 4 bedroom homes decreased by 1.1%, and 5+ bedroom homes increased by 15.6%.
Housing Supply in Royal Oak, MI
How many homes are available in Royal Oak, MI?
Number of Homes For Sale
Oct 2023 | Nov 2023 | CHANGE |
---|---|---|
260 | 238 | -8.5% |
Summary: The Royal Oak real estate market had 238 homes for sale in November 2023, a 8.5% decrease compared to October 2023.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Oct 2023 | Nov 2023 | CHANGE |
---|---|---|---|
1 Bedroom | 12 | 11 | -8.3% |
2 Bedrooms | 57 | 57 | 0.0% |
3 Bedrooms | 134 | 124 | -7.5% |
4 Bedrooms | 49 | 40 | -18.4% |
5+ Bedrooms | 8 | 6 | -25.0% |
Summary: The Royal Oak housing inventory by bedroom type for November 2023 compared to the previous month: The inventory of 1 bedroom homes decreased by 8.3%, 2 bedroom homes remained the same, 3 bedroom homes decreased by 7.5%, 4 bedroom homes decreased by 18.4%, and 5+ bedroom homes decreased by 25%.
Number of Homes Sold
Oct 2023 | Nov 2023 | CHANGE |
---|---|---|
92 | 75 | -18.5% |
Asking Price vs. Sold Price
44 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
25 Homes Were Sold
Over Asking
Summary: A total of 75 homes were sold or pending in Royal Oak in November 2023, down by 18.5% month-over-month. Of the 75 sold homes, 59% were sold under asking, 8% were sold at asking, and 33% 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
Nov 2022 | Nov 2023 | CHANGE |
---|---|---|
22 Days | 18 Days | -14.7% |
Summary: Homes in Royal Oak had an average of 18 days on market in Nov 2023, down by 14.7% compared to last year.
Breakdown of Home Sale Times
59 Homes Were Sold
Under 30 Days
15 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During November 2023, 75 homes were sold in Royal Oak; 79% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 1% of homes were sold over 90 days.